Consol aims to raise R3.5bn in IPO

Johannesburg –  Glass packaging manufacturer Consol Holdings Limited on Monday said its initial share offer price would be between R1.50 and R6.50 per share when it lists on the JSE on May 4.

A total of 761 million ordinary shares, or 34.2% of all the shares it intends to issue, would be traded though private placement, raising up to R3bn.

Consol said it would announce the results of the private placement on April 30. 

The gross offer proceeds, including the exercise of the over-allotment option, is expected to amount to R3.5bn on the listing date.

In a pre-listing statement, Consol stated that the listing of all ordinary shares had been granted by the JSE in the “industrial, containers and packaging” sector of the main board of the bourse, under the abbreviated name “Consol”.

The upcoming listing marks the Johannesburg-based firm’s return to the JSE. 

The company delisted in 2007 when it was taken private by a consortium of private equity investors, led by Brait Private Equity and including Old Mutual Private Equity, Sanlam Private Equity, HarbourVest Partners and the management of Consol.

The net proceeds from the issue of the offer shares receivable by Consol are estimated at R2.914m. The group said the proceeds of the listing would be used to strengthen and deleverage its balance sheet.

Consol has four glass manufacturing facilities in South Africa, and operates two facilities in Kenya and Nigeria.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER


ZAR/USD
16.84
(+0.46)
ZAR/GBP
21.61
(+0.77)
ZAR/EUR
19.72
(+0.78)
ZAR/AUD
11.99
(+0.81)
ZAR/JPY
0.16
(+0.46)
Gold
1883.30
(-0.66)
Silver
23.67
(-2.26)
Platinum
868.00
(-1.58)
Brent Crude
41.31
(-3.06)
Palladium
2303.32
(+0.46)
All Share
54236.18
(-0.50)
Top 40
50049.27
(-0.54)
Financial 15
9939.84
(-0.64)
Industrial 25
73116.27
(-0.33)
Resource 10
53712.69
(-0.63)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1394 votes
It depends on how the funds are used.
73% - 9015 votes
No. We should have gotten the loan elsewhere.
16% - 1991 votes
Vote