JSE-listed building materials, industrial minerals and bulk commodities company Afrimat has successfully closed an equity raise of R680-million – about 8.5% of its current market capitalisation.
Following strong demand, Afrimat elected to increase the size of the bookbuild it announced on July 27, which remained oversubscribed at close.
As such, 13.37-million new ordinary shares were placed following the bookbuild at an issue price of R50.85 apiece, representing a discount of 7.2% to the closing price of Afrimat shares on the JSE as at market close on July 27.