Iqbal Surve’s media group pushes back JSE listing
The initial public offering for Sagarmatha Technologies has been extended ‘due to a request from potential investors’
Independent Media proprietor Iqbal Surve appears to have missed Thursday’s deadline to raise a minimum of R3bn for his proposed initial public offering (IPO) of his media group under the name Sagarmatha Technologies. The Independent group’s wire service, African News Agency (ANA), released a story on Friday saying the proposed IPO had been postponed by two days "due to a request from potential investors to extend the closing date of the private placement". Sagarmatha would announce on April 11 — the date it originally planned to list — how many of the shares it was offering had found takers, ANA said. Surve said in May he hoped to raise R7.5bn by placing 189-million shares ahead of the IPO. "The anticipated market capitalisation of the company will be approximately R49.7bn, based on more than 1.2-billion shares in issue at a placement price of R39.62 per private placement share," the offer document said. To put Surve’s R50bn valuation of the holding company of The Star, Cape Times a...
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