Brait SE, a South African investment holding company, which counts billionaire businessman and retail tycoon Christo Wiese among its owners, is set to launch an initial public offering for Premier Group, a leading South African fast-moving consumer goods company, on March 24.
Bloomberg reports that the investment holding company controlled by Wiese aims to raise between R3.5 billion ($192 million) and R3.6 billion ($197.6 million) through the IPO of Premier Group, with the offer price for the listing set at R53.82 ($2.95) per share.
Upon its official listing on the Johannesburg Stock Exchange (JSE) on March 24, Premier Group is expected to have an implied market capitalization of R6.9 billion ($379 million) based on the offer price of R53.82 ($2.95) per share. Brait will maintain a 47.1-percent stake in the fast-moving consumer goods company after the IPO.
Christo Wiese to purchase Premier shares in upcoming IPO
In November 2022, Brait and Premier entered into an agreement with Titan Cornerstone Investment, an investment holding company owned by Christo Wiese, as part of the terms of the JSE listing arrangement, in which Titan has irrevocably committed to purchasing 36.2 percent of the listing shares at the clearing IPO offer price.
His interest in the consumer goods business will be strengthened by the acquisition, as he now owns a 28.5-percent stake in Brait, giving him an indirect interest in Premier in addition to the holdings he is set to acquire during its IPO.
As of now, Forbes estimates Wiese’s net worth at $1.1 billion, making him one of the 19 African billionaires tracked by the publication. His fortune primarily comes from his 11.63-percent stake in Shoprite, Africa’s largest supermarket group, as well as his holdings in Tradehold, Brait, and Invicta Holdings.
