Diversified equipment hire and industrial services business Waco International has kicked off an international and local roadshow as it prepares to return to the main board of the JSE after 15 years of private ownership.
Waco, which plans to list in the General Industrials – Diversified Industrials sector of the JSE on October 23, aims to raise up to R3.5-billion to simplify the company’s capital structure, with the current preference share structure falling away.
The listing would facilitate an offer for sale of 78.6-million ordinary shares for between R36 and R45 apiece, with about 35.3-million shares sold off by existing shareholders and around 43.2-million new shares issued by Waco.
“The free float at listing is expected to be 63% and existing shareholders will retain an aggregate of approximately 37% of the ordinary shares in the company following the listing,” explained CEO Stephen Goodburn.
“Following the listing, we will be well positioned to continue on our growth path. The momentum of this business has been exceptional over the last three years with nearly a doubling in our adjusted earnings before interest, taxes, depreciation and amortisation,” he said.
The final offer price and final number of shares to be issued was expected to be announced on October 16.
