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Sygnia stock surges as money manager debuts on JSE

Stocks trading at R13.70.

Shares of Sygnia surged as the South African money manager made its debut on the Johannesburg Stock Exchange.

The stock jumped as much as 71% to R14.40 before paring gains to trade 63% up at R13.70 as of 9:16am in Johannesburg. The Cape Town-based company sold 31.2 million shares to selected investors at R8.40 in a private placement before Wednesday’s listing to raise R262 million ($19.5 million) to increase regulatory capital, develop systems, conduct marketing and research and to expand.

Sygnia Asset Management, a unit which began in 2003, has R140 billion under management in multi-manager funds, index-tracking funds and funds of hedge funds, according to the company’s website.

©2015 Bloomberg News

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