Libstar lists on the JSE
Consumer food maker Libstar debuted on the JSE this week, raising R3 billion in the process.
Libstar’s listing this week on the Johannesburg Stock Exchange (JSE), in the Food Products section of the main board, was the market’s biggest listing for 2018 so far. Libstar raised R3 billion via the listing – half from its primary raise and the balance from a secondary sell-down from existing shareholders. The company did its capital raising last week in a share sale which valued it at R8.5 billion.
Andries van Rensburg, Libstar CEO and co-founder, says the decision to embark upon a JSE listing is an exciting step in the company’s development and growth story. He notes that the new capital raised will allow the company to invest more into the business and so grow its range of products and expand its operations.
He said at the listing:
"This is an historic day for Libstar. The business was established back in 2005 and we have grown it into an R8.8 billion turnover company with a compound annual growth rate of 23 percent over the last three years. We are proud to be making our debut on the JSE and giving our new shareholders the opportunity to have a stake in the future growth of the business. The R1.5 billion new capital we have raised will allow us to invest more into the business and therefore grow our range of products and expand our operations."
Libstar has 27 business units and also supplies the food services industry, with brands including Lancewood, Cape Herb & Spice and Goldcrest and customers such as KFC and McDonald’s. It began in 2005 as an investment holding company investing in companies operating in Fast Moving Consumer Goods (FMCG), but is now one of the largest food and personal care manufacturers in South Africa.
Pictured left to right: Robin Smith, Group Financial & Commercial Director, Libstar Holdings; Donna Nemer, Director: Capitals Markets, JSE and Andries van Rensburg, CEO, Libstar Holdings. Courtesy of JSE.