Libstar Owners to Raise Up to $170 Million in Johannesburg IPO

Libstar Holdings Pty Ltd. shareholders will sell as much as 2.1 billion rand ($170 million) of stock as part of an initial public offering planned for early next month in Johannesburg, as investors led by Abraaj Group Ltd. seek to cash in on the listing.

The food and household products maker has set a price range of 12.50 rand to 16 rand a share, it said in a statement Tuesday. At the top of the proposed range, the company will raise 1.6 billion rand in new stock, while shareholders will take home 2.1 billion rand.

Abraaj, a Dubai-based private equity firm, owns 61 percent of Libstar. The Public Investment Corp., which manages South African state worker pension funds, holds a 16.8 percent stake. The listing is planned for May 9. Source: Bloomberg