[miningmx.com] — Royal Bafokeng Platinum (RBPlat) on Wednesday priced its initial public offering at the middle of its range, raising R2.9bn.
RBPlat said it had sold 49.2 million shares at R60.50 a share, compared with its previously announced range of R56 to R65. The shares sold represented an effective free float of 30%.
In total, 164 million RBPlat shares would be listed, handing the group a price tag of R9.9bn.
The bookbuilding, was “strongly over-subscribed”, according to a statement released by the company.
In a speech made prior to the offer for subscription in October, Royal Bafokeng Holdings CEO Niall Carroll said various analysts have valued RBPlat between R9bn and R11bn.
Impala Platinum offered to buy the Bafokeng Rasimone Platinum Mine, RBPlat’s primary asset, for almost R20bn, before the deal was scuppered by minority shareholder AngloPlat.
RBPlat’s listing would proceed on November 8.
