NEW LISTING
Strong demand for Ayo Technology’s private placement
The private placement by Ayo Technology, which will list on the JSE on Thursday, has been heavily oversubscribed. On Monday, Ayo — which is controlled by African Empowerment Equity Investments (AEEI) — confirmed irrevocable commitments for shares from invited investors to the value of R5.3bn, comfortably more than the R4.3bn Ayo aimed to raise in the private placement. Despite the hefty oversubscription, Ayo has decided not to increase the size of the private placement. The strong demand for Ayo shares means the company will come to the JSE with an inferred market capitalisation of R14.7bn. Final allocations of shares were under way, said AEEI CEO Khalid Abdulla, noting the participation of a mix of institutional and individual investors in the private placement. The share allocations would take cognisance of the need to enhance or at least maintain Ayo’s black empowerment credentials, he said. It is expected that AEEI’s stake in Ayo will be reduced to 49% after the listing. The lis...
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