Abraaj will delay IPO of SA’s Libstar, sources say
London/Johannesburg — Abraaj Group, the emerging markets-focused private-equity firm, is delaying the initial public offering of South African food and household products maker Libstar Holdings, according to people familiar with the matter. Abraaj, which bought a controlling stake in Libstar in 2014, is weighing a potential listing for Libstar in 2018 after the company publishes its full-year accounts, the people said, asking not to be identified as the information was private. The Dubai-based firm had been working with JPMorgan Chase and Standard Bank on a sale that was expected to raise about $300m in 2017, people said in June. No final decisions have been taken and the timeline and venue for a share sale could change again, the people said. A representative for Abraaj declined to comment. A director of Libstar said the company has never made public statements around a potential listing of the business. "Our strategy is to be listing — or sale-ready, so as to take advantage of pot...
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