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 and other newspapers in perspective, BusinessLIVE’s JSE-listed proprietor Tiso Blackstar Group has a market capitalisation of R1.4bn at Friday’s share price of R5.10, e.tv’s holding company E Media has a market cap of about R1.2bn, and radio station owner African Media Enterprises has a market cap of R387m.