QWI Investments IPO oversubscribed

NCB Capital Markets advised that the invitation for subscription of 600 million shares with an option to upsize to 900 million units by QWI Investments closed on Wednesday morning.
The share offer was by way of a prospectus dated September 9, 2019, in respect of ordinary shares at the price of $1.35 to the general public, with shares reserved at discounted prices of $1.20 and $1.25 for some investors. The issue attracted more than 4,134 applicants but more than 4,550 applications for an estimated $1.5 billion at an interim count stage with a number of persons who wanted to buy in not being able to do so. With the level of oversubscription, the company exercised the option to upsize the issue to 900 million to raise just under $1.3 billion.
QWI Investments is an investment company that will be added to the JSE Financial Index JSE sources say.
IC Insider.com is reliably informed, that there are two pending IPOS coming to the market soon. JMMB Group and the Lumber Shop both sought and got approval from shareholders to arise added capital and these could be the next two to come but Tropical Battery should not be far off. There could be two others before the year closes.

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