PAPER PROFIT
Fruitful debut for Brian Joffe’s Long4Life
The Bidvest founder put in R100m of his own money and saw his stake rise to R162.7m in value
Initial investors in Long4Life, the latest string in Brian Joffe’s bow, made an immediate paper profit of more than R662m when the investment holding company listed on the JSE’s main board on Friday. Institutional investors, including Investec, Stanlib and Brimstone, which subscribed for shares at a cost of R5 each to raise R1.9bn during the initial public offering, saw the value of their investment rise to R2.5bn when the market closed. Bidvest founder Joffe, who is also Long4Life’s CEO, and who put in R100m of his own money at a cost of R4 a share, saw his stake rise to R162.7m in value. "As the anchor and committed investors were offered shares at a subscription price of 500c per share, so far the listing has been successful," said PSG Wealth portfolio manager Adrian Cloete. The new company will target lifestyle businesses with entrepreneurial teams at the helm and avoid banking, mining and resources companies. It plans to provide financial, strategic and management support to co...
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