South African Libstar Holdings aims to raise $124 million in share offering

Libstar Holdings Propriety Ltd, a South African consumer goods company, plans to raise 1.5 billion rand ($124 million) to repay a portion of its debt and expand its capacity by selling shares on the Johannesburg Stock Exchange.

The company said the offering, which will only be made available to private investors, is targeting a free float of at least 40 percent.

Libstar is the third company in the past two weeks to state its intention to float in Johannesburg, highlighting a more positive mood among investors following newly elected president Cyril Ramaphosa’s promises to kick-start the economy.

Last week digital media group Sagarmatha Technologies Ltd announced that it was targeting a valuation of more than $4 billion in Johannesburg’s first initial public offering of an e-commerce company.