[miningmx.com] — ROYAL Bafokeng Platinum (RBPlat) is to list on the main board of the JSE on November 8 with an estimated market cap of between R9.1bn and R10.6bn, the group announced on Monday.
The group has made an offer for subscription to institutional investors, as well as management and employees of Bafokeng Rasimone Platinum Mine (BRPM) – RBPlat’s key operational asset.
According to a statement released by RBPlat, it will offer an initial free float of 44.7 million shares (27.28% of total listed shares), comprising 16.5 million new shares issued by the company and up to 28.2 million shares sold by holding subsidiaries of AngloPlat and Royal Bafokeng Holdings.
In total, 164 million RBPlat shares will be listed.
“It is currently estimated that the price at which the offer shares will be offered for sale and subscription pursuant to the pre-listing statement will be between R56 and R65 per offer share,” the statement read.
“However, the offer price may be outside the offer price range.”
According to a speech delivered by Royal Bafokeng Holdings (RBH) CEO Niall Carroll last week, various analysts have valued Royal Bafokeng Platinum between R9bn and R11bn in the lead up to the company’s proposed listing.
However, he said Impala Platinum offered to buy the Bafokeng Rasimone Platinum Mine for almost R20bn, before the deal was scuppered by minority shareholder AngloPlat.
In reaction to Carroll’s comments, AngloPlat said it had rejected the Implats offer on the basis that a deal wouldn’t have supported the group’s business strategy and was not in the best long term interests of its shareholders.
