Consol hopes to raise up to R3.5bn by selling 39.4% of its shares in an initial public offering (IPO) scheduled for May 4, the glass bottle maker said in a pre-listing statement on Monday morning.Consol said the IPO price it was targeting was between R1.50 and R6.50 per share. This would equate to a market capitalisation of between R8bn and R9.75bn.In its pre-listing statement the company said it grew its revenue by 6.7% to R6.2bn in the year to end-December 2017 and its operating profit by 3% to R1bn.Monday’s abridged pre-listing statement did not provide detailed financial statements.Consol said that, assuming it achieved the midpoint of its target IPO price range — which would be about R4 per share — and all the shares it was initially offering found buyers, it should raise about R2.9bn.It intends using R1.8bn of this to reduce debt, R635m to redeem preference shares and R241m to repay shareholder loans.The balance will be used to pursue growth strategies.Consol said it was eyein...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.