Local investor appetite for private education stocks will be tested shortly, as Athena — a private schools business based in the United Arab Emirates (UAE) — tries to raise up to R4.6bn with a JSE listing.

The group, which hasn’t set a listing date yet, is aiming for a $225m IPO by issuing ordinary shares at between $1 (R14) and $6 a share. Another $110m will be targeted via a preference share placement...

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