JOHANNESBURG, May 9 (Reuters) - Consumer food maker Libstar Holdings listed on the Johannesburg stock exchange on Wednesday, the market’s biggest listing so far in 2018, with the shares opening trade at its IPO price of 12.50 rand ($1) before slipping to 12.00 rand.
Libstar’s 27 business units offer consumer products that include specialised food such as gluten-free baked products and household goods.
The company, which also supplies the food services industry, with customers such as KFC and McDonald’s, said it had raised 3 billion rand ($235 million) via the listing, half from its primary raise and another 1.5 billion rand from a secondary sell-down from existing shareholders.
Chief Executive Andries van Rensburg said in a statement that the “new capital we have raised will allow us to invest more into the business and therefore grow our range of products and expand our operations.”
The company did its capital raising last week in a share sale last week which valued it at 8.5 billion rand.
$1 = 12.6317 rand Reporting by Tanisha Heiberg Editing by Ed Stoddard and Louise Heavens