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South Africa's Steinhoff African unit prices IPO at 20.50 rand
September 15, 2017 / 8:26 AM / 5 days ago

South Africa's Steinhoff African unit prices IPO at 20.50 rand

JOHANNESBURG, Sept 15 (Reuters) - Steinhoff’s African unit on Friday priced its initial public offering at 20.50 rand, near the mid-point of the marketed range and valuing the business at about 71 billion rand ($5.40 billion).

Steinhoff, the world’s No.2 furniture retailer after IKEA, is spinning off its Africa-focused chains into a new entity called Steinhoff Africa Retail.

$1 = 13.1409 rand Reporting by Tiisetso Motsoeneng; editing by Jason Neely

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