FILE PHOTO: Customers push trolleys as they shop at a Pick n Pay store at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG, Nov 11 (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)

Advertisement