Altron targets at least R9.4bn in UK unit’s IPO
Bytes UK, which will be renamed Bytes Technology Group, will list on London Stock Exchange and JSE
02 November 2020 - 23:16
Altron, one of SA’s biggest technology conglomerates, plans to raise at least £416m (R9.4bn) in a London and Johannesburg initial public offering (IPO) of its UK division, it said on Monday, as part of a strategy to sharpen its focus on Africa and unlock value trapped in its shares.
Altron has been working on the deal since April following a strategic review of its portfolio that found the value of Bytes UK is not reflected in its share price, and that the division's growth trajectory was different from the rest of the group. ..
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