JSE CEO Leila Fourie anticipates as many as 10 listings in 2024.
Africa’s biggest bourse, the Johannesburg Stock Exchange, is slowly turning the tide from a wave of delistings to companies once again considering initial public offerings.
South Africa has entered the new year more optimistically after years of underconfidence in its economic recovery, exemplified by a wave of delistings from the JSE. Inflation is easing and growth expectations have doubled – albeit from a low base – and crippling power cuts are expected to ease within the next two years.
Companies are mostly planning spinoffs and carveouts in the next few months as part of their listing plans, bankers said. Conglomerates want to unlock value from profitable subsidiaries by unbundling them, raising capital and deleveraging stretched balance sheets, said Stephen Nyakudarika, investment banking advisory and origination director for Deutsche Bank AG.
The JSE has tried to cut red tape, and now allows secondary listings for companies primarily listed on the Hong Kong Exchanges & Clearing, said Patrycja Kula-Verster, the bourse’s primary markets business development manager.
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