FirstRand and MMI Holding's ZAR5.3 billion share offer

Overview:

• FirstRand and FirstRand Investment Holdings Proprietary (FRIHL) have undertaken an issue of shares via an accelerated bookbuilding.
• The offering consisted of 102,132,143 ordinary shares (including 35,420,014 new ordinary shares) of FirstRand at ZAR46 per share and a simultaneous offering of 23,804,003 ordinary shares of MMI Holdings at ZAR28.5 per share.
• The bookbuild consisted of a private placement to qualified investors, including investors in the United States, and new shares are listed on the Johannesburg Stock Exchange.
• The total value of the offering is ZAR5.37 billion.
• This was the first successful conclusion of a black economic empowerment (BEE) scheme by FirstRand. 
• Morgan Stanley and Rand Merchant Bank acted as joint bookrunners.

John Crabb - Journalist