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.
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