March 2, 2020 / 7:50 AM / a month ago

Investec's Ninety One sets price range for March float

LONDON, March 2 (Reuters) - Ninety One, the asset management arm of South Africa-based banking group Investec, said it was pressing ahead with its listing on March 16, setting a price range of 190 to 235 pence per share, valuing itself at 1.75 billion pounds to 2.1 billion pounds ($2.25 billion to $2.70 billion).

Markets have been rattled in recent weeks by the coronavirus epidemic, prompting concerns that stock exchange floats would have to be pulled.

“In spite of the current backdrop of market volatility and uncertainty, we remain committed to the execution of this transaction, because of its long-term benefits,” Hendrik du Toit, founder and chief executive of Ninety One, said in a statement on Monday.

The planned global offer in London and Johannesburg is expected to raise 181.9 million to 226.1 million pounds, Ninety One said. ($1 = 0.7791 pounds) (Reporting by Huw Jones Editing by Rachel Armstrong)

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