Investec has advised Ibex Topco B.V. through the full unwind of its stake in Pepkor Holdings Limited
About the deal
Investec assisted Ibex Topco B.V. (Ibex) in exiting its 28% stake in Africa’s largest clothing retailer Pepkor Holdings (Pepkor), raising R26.6 billion ($1.5 billion) via an accelerated bookbuild process in the largest secondary placement concluded in South Africa in the last five years.
Ibex has successfully disposed of its entire stake in Pepkor Holdings Ltd, amounting to 1,045 million no-par value shares. This sale represents approximately 28% of Pepkor’s current issued share capital and is valued at around R26.6 billion ($1.5 billion).
The transaction was notably oversubscribed and concluded at a narrow 5.9% discount.
About Pepkor Holdings
Pepkor owns and operates almost 6,000 stores under the Pep and Ackermans brands in South Africa. The stores sell low-cost clothing and are tapping a pan-African boom in the use of phones for payment and banking services.
Our role
Investec has served as a long-standing financial advisor to Ibex, supporting multiple placements through the full unwind of its Pepkor stake. The historic equity capital markets transaction represents the Investec Equity Cluster’s successful final placement by Ibex of its Pepkor investment.
Investec Bank Limited, Goldman Sachs International, and J.P. Morgan Securities plc served as Joint Global Coordinators for this share placement.
