JOHANNESBURG (Reuters) -South African retailer Pick n Pay gave a price range of 42 rand to 54 rand ($2.39 to $3.07) per share for the initial public offering (IPO) of up to 40% of its discount grocery chain Boxer.
The IPO is part of Pick n Pay’s two-step recapitalisation plan to lower its debt and fix its loss-making core Pick n Pay supermarkets business.
Boxer, with 489 stores, is South Africa’s fastest-growing discount grocery chain.
Pick n Pay said in a statement that the offer would open at 9 a.m.
(0700 GMT) on Monday and close at noon (1000 GMT) on Friday, Nov. 22.
The offer is for up to 202,380,953 shares, or 40.3%, of the issued share capital of Boxer. The shares are expected to be listed on the Johannesburg Stock Exchange on Nov.
28.
($1 = 17.6034 rand)
(Reporting by Alexander Winning; Editing by Christopher Cushing and Kim Coghill)
