JOHANNESBURG (Reuters) -South African retailer Pick n Pay, which is listing its discount grocery chain Boxer in Johannesburg through an initial public offering (IPO), said on Monday that the base size of the IPO would be towards the upper end of its guidance.
Pick n Pay previously said proceeds from the IPO could be between 6 billion rand and 8 billion rand ($339 million and $452 million).
The company, which has been losing market share to bigger rivals such as Shoprite, said in a statement that the Boxer IPO would include an overallotment option, which was not expected to exceed 0.5 billion rand and would be settled through the issuance of newly issued shares.
($1 = 17.7137 rand)
(Reporting by Alexander Winning; Editing by Jacqueline Wong and Janane Venkatraman)
