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CORRECTED-Zimbabwe-focused Brainworks to raise at least $25 mln in Johannesburg IPO
June 13, 2017 / 11:02 AM / 6 months ago

CORRECTED-Zimbabwe-focused Brainworks to raise at least $25 mln in Johannesburg IPO

(Corrects size of IPO to $25 mln not $65 mln)

JOHANNESBURG, June 13 (Reuters) - Zimbabwe-focused investment company Brainworks Ltd aims to raise at least $25 million in a stock market flotation in Johannesburg, it said on Tuesday.

Brainworks said the listing on Johannesburg exchange, Africa’s deepest and most liquid stock market, is meant to improve access to capital; both debt and equity.

Zimbabwe meanwhile is struggling with a debt crisis, a fall in foreign exchange inflows, and acute shortages of cash that have forced banks to limit withdrawals.

Brainworks has not yet set the price for shares or how many would be sold in an initial public offering (IPO) due for July 21.

“It’s hard to give a price because when the shares list they will be in rand but we don’t know what the exchange rate will be at that time,” said Chief Executive Brett Childs.

Brainworks was established in 2011 with the focus of investing entirely in Zimbabwe. The group, headquartered in Mauritius, has stakes in hospitality, real estate and financial services. (Reporting by Olwethu Boso, editing by Louise Heavens)

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