Kaap Agri, a perennially profitable retailer mainly to the farming sector, will make its debut on the JSE on Monday. The company will be the second large retail listing on the JSE following Dis-Chem, which made its market debut late in 2016. Kaap Agri’s market capitalisation could be more than R4bn. The company, which has PSG-aligned entities Zeder Investments and Dipeo Capital as 39.8% and 20% shareholders, respectively, will not be looking to raise fresh capital at listing. But the prelisting statement makes it clear that the JSE listing will provide access to capital to grow the business both organically and by acquisitions. The prelisting statement said Kaap Agri had diversified its business model over the years — largely derisking itself from the traditional cyclical nature of the agricultural environment. The company’s operations span seven provinces (with the biggest operational footprint in the Western Cape) as well as a presence in Namibia. This comprises more than 100 reta...
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