Attacq shares debut at R17 per share on the JSE

Posted On Wednesday, 16 October 2013 06:35 Published by
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Attacq‚ a property development fund‚ opened at R17 a share and then settled at R16.61 by the end of trade.
Morne Wilken
The 17th property company to list on the JSE in the past three years had one of the most exciting listings for the exchange in a while on Monday with 3‚769‚585 shares worth R63m trading.
Its private placement price before listing was at R15 per share and was many times oversubscribed prior to listing. Attacq raised R800m through its oversubscribed private placement last week.
Various analysts believe Attacq’s strong management team and portfolio have a very high chance of success.
Attacq delivered an average compound return of 20.62% to shareholders since inception eight years ago.
“I think it was a successful listing in terms of price and was engineered to be so. It left something on the table for the investors‚” Evan Robins of the Old Mutual Investment Group of SA said.
But he said institutional investors were disappointed because‚ due to the high level of interest‚ they did not receive meaningful allocations of shares.
“We would have preferred a much larger placement. R17 is an aggressive price‚” Mr Robins said.
The JSE’s real estate sector with Attacq‚ has 46 listed property companies accounting for just over 4% of overall JSE market capitalisation.
The listed property section has grown from R19bn at the end of September 2003 to R177.2bn at the end of September 2013.
South Africa is ranked second in the world for the ability of local companies to raise capital through its equity market according to the recently released World Economic Forum’s Global Competitiveness Report for 2013-2014. In the latest report‚ the country moved up one place from last year’s ranking.
Last modified on Wednesday, 16 October 2013 07:04

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