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Ninety One IPO set to proceed with £2bn valuation

Formerly Investec Asset Management

Ninety One is set to float on the Johannesburg Stock Exchange
Ninety One is set to float on the Johannesburg Stock Exchange
  • James Baxter-Derrington and David Brenchley
  • 02 March 2020
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Ninety One, the rebranded Investec Asset Management, will be valued at around £2bn when it comes to market, the company announced on Monday (2 March).

Ninety One said its flotation would be priced at between 190p and 235p, valuing the firm at between £1.7bn and £2.2bn. A valuation somewhere in the middle or towards the top of the range would make it large enough to enter the FTSE 100.

Related articles

  • Ninety One confirms intention to float in dual listing
  • Investec withdraws 10% share offer in Ninety One due to market conditions
  • Investec expects to raise £189m from demerger
  • Ninety One admitted to trading on LSE, JSE

The IPO will put 10% of the company's shares up for sale, with £180m to £226m expected to be raised. More than half of the company's shares will be owned by Investec shareholders after admission.

The prospectus is set to be published on Monday, with founder and CEO Hendrik du Toit saying: "In spite of the current backdrop of market volatility and uncertainty, we remain committed to the execution of this transaction, because of its long-term benefits.

"We are encouraged by significant investor interest. We are confident in our capital-light business model of organically developed, specialist, active investment offerings. This is supported by an attractive financial profile, carefully-developed culture, employee ownership commitment and a successful track record."

The news comes following the successful shareholder vote to proceed with the demerger of Investec and listing of Ninety One and Investec's announcements on 31 January regarding Ninety One's expected intention to float.

The global offer will comprise up to 10% of the combined total issued shares, which will be available to both Ninety One staff along with institutional investors.

Ninety One will be listed on both the main market of the London Stock Exchange (LSE) and the main board of the Johannesburg Stock Exchange (JSE).

The firm intends to have a free float of 60-65% of newly issued shares, of which 55% will be held by Investec ordinary shareholders, 15% will be retained by Investec Group, 20% will be held by staff members of Ninety One and 10% will be held by new or existing institutional clients.

There is an expectation that, once listed, the firm would be eligible for inclusion in "several equity indices" including the FTSE UK index series.

Henrik du Toit, joint CEO of Investec and Ninety One founder, said: "After 29 years as part of a diversified financial services group, this is an important event in our development.

"This transaction strengthens our offering to clients as an independent specialist investment manager. Combined with our unique ownership structure, this enhances our efforts to attract and retain the very best talent."

He added: "The dual-listing structure will acknowledge our South African roots, while the London listing positions us for continued international growth."

The timetable for the IPO is as follows:

Publication of prospectus - 2 March 

Latest time for indications of interest - Midday, 13 March

Announcement of the number of shares and the final offer price - 16 March

Admission of shares to the JSE - 7am, 16 March

Admission of shares to LSE - 8am, 16 March

Despatch of share certificates - by 20 March

 

This article was first published on sister website www.investmentweek.co.uk

 

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  • Ninety One
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