The PwC study found that Steinhoff raised $1.2 billion (R17.5bn) on the JSE though disposal of its stakes in KAP Industrial, STAR and PSG Group.
Steinhoff got $580million from the sale of its shares in PSG, $310m from KAP and $312m from STAR.
PwC said South African companies also continued to dominate FO activity in 2018, accounting for 63percent of FO proceeds and 49 percent of FO volume. “The nature of these FOs reflect a mixed landscape, with a significant portion of funds raised for debt refinancing and expansion strategies,” PwC said.
“Over the past five years, there have been 413 FOs by African companies, raising $44.7bn on both African and international exchanges, a 2percent increase in capital raised over the preceding five-year period, 2013-2017.”