UPDATE 1-Bidvest Namibia public offer raises N$365 mln

* To list on Namibia bourse on Oct. 26

* 50.7 mln shares offered, offer oversubscribed

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JOHANNESBURG, Oct 22 (Reuters) - South African industrial group Bidvest (BVTJ.J) said on Thursday its Namibian unit raised 365 million Namibian dollars ($48.63 million) through a public offer ahead of the listing on 26 Oct. in Windhoek.

Bidvest, whose activities cover food distribution, auto retail and freight services, launched the public offer for Bidvest Namibia on Oct. 1 ahead of the listing on the Namibian Stock Exchange.

"Though the offer was over-subscribed, we ensured that all applications by individuals were met in full. Institutions were allocated an average of 95 percent of the shares they applied for," Sebby Kankondi, Bidvest Namibia chief executive said.

Bidvest Namibia said it received 676 applications for 54.8 million shares while it was offering 50.7 million shares.

The listing of the unit will reduce Bidvest's stake in the unit to 52 percent from 89 percent as part of the group's drive to meet affirmative action targets.

Bidvest Namibia, which houses the group's fishing interests as well as businesses offering products and services such as stationery, would use the cash to explore acquisition opportunities in Namibia.

The unit's revenue rose 17.4 percent to 1.6 billion rand ($213 million) in the year to end-June, a small contribution to the group's total revenue of 112.4 billion rand. (Reporting by Tiisetso Motsoeneng)