In the past fortnight, two large consumer-focused companies have released "intention to list" statements tagged to sizeable capital raisings.For glass maker Consol, the listing proposal represents an eagerly awaited return to the JSE after a 10-year stint with private equity investors.Household brands specialist Libstar’s listing is a surprise development, but investors will be familiar with its brands portfolio and its private-brand products for large grocery retailers.The listing efforts are startlingly similar. Both aim to raise substantial capital, with Consol looking for at least R2.7bn in fresh funding and Libstar about R1.5bn. Both appear to have compelling organic growth prospects — but it is apparent that there are significant levels of debt, which will be fully quantified only when the respective prelisting statements are published. Both have the Public Investment Corp as a significant minority shareholder. And both have shareholders that are set to sell down their respect...

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