Dis-Chem spells out the terms and goals of its IPO on Johannesburg bourse
Pharmacy chain Dis-Chem hopes to raise up to R4.8bn ahead of its debut on the JSE on November 18, it said in a prelisting statement on Friday morning. Dis-Chem is offering up to 27.5% of the 866.5-million shares it will issue for private placement with institutions ahead of the listing, targeting a price range of between R16.25 and R20.25 Friday’s statement invited institutional investors to subscribe for share placements ahead of its initial public offering for a minimum of R1m. An IPO price of R20.25 would give Dis-Chem market capitalisation of R17.5bn — making it about 58% the size of competitor Clicks whose market capitalisation was nearly R30bn at Friday’s share price of R122.22. Dis-Chem did not set a minimum capital requirement, and said its main goal for the IPO was to meet the JSE’s minimum liquidity free-float requirements. Dis-Chem’s shareholders are the Saltzman Family who hold 66.9% of its shares via a company called Ivlyn, other key management holding 23.4% and financi...
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