Ninety One Group may raise £182m in its IPO

JOHANNESBURG – UK-based global asset management company Ninety One Group yesterday said it would raise £181.9million (R3.65billion) to £226.1m from an initial public offering.

“In spite of the backdrop of market volatility and uncertainty, we remain committed to the execution of this transaction, because of its long-term benefits,” chief executive Hendrik du Toit said.

Global markets have been volatile and recording large daily declines in the past few weeks as investors became increasingly spooked by the spread of the coronavirus, and the potentially harmful impact on global growth.

The group said that it would forge ahead with its planned primary listing on the London Stock Exchange and secondary listing on the JSE on March 16.

Du Toit, who is also the founder of the group that was spun off In- vestec Asset Management last year, said Ninety One was encouraged by “significant investor interest”, and they were confident of the capital-light business model of organically developed, specialist active investment.