Farming community retailer Kaap Agri enjoyed a strong debut on the JSE on Monday. The company — where PSG aligned Zeder Investments and Dipeo Capital are major shareholders — reached as high as R64.01 in steady trading volumes. This gave Kaap Agri a market capitalisation of close to R5bn. Its share price closed at R63.90. While no fresh capital was raised ahead of Kaap Agri’s listing, there was considerable interest in the share, which had previously traded on an over-the-counter (OTC) market. When trading was suspended on the OTC market in May, Kaap Agri’s shares were quoted at R55. The company is the second large retail listing on the JSE following Dis-Chem, which made its market debut late in 2016. Although markedly smaller than the JSE’s mainstream retail counters, Kaap Agri has enjoyed strong profit and dividend growth over the past decade as the company successfully diversified its retail operations.
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