The share sale will be the second on the JSE this month after Balwin Properties Ltd., a residential-housing developer, said on Friday it planned to raise as much as 1.6 billion rand in an IPO. Dis-Chem Pharmacies, South Africa’s second-biggest retail chain of chemists by number of stores, said last week it had hired advisers to help with a planned share sale next year.
Waco, which rents products from scaffolding to portable sanitation, is listing on the JSE to access capital for future growth and allow the partial exit of the ownership group led by Ethos, which bought control of the company in 2012. Existing shareholders will retain about 37% of the company after the listing, Waco said.
The final offer price and number of shares issued will probably be announced Oct. 16, the company said.
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