We have one of the most experienced Equity Capital Markets (ECM) teams in South Africa, having concluded many of the landmark transactions in the South African equity market. The team (in conjunction with RMB Morgan Stanley) structures and distributes all major equity and equity-linked products:
- Initial Public Offerings (IPOs)
- Fully marketed offerings
- Accelerated and marketed bookbuild offerings
- Rights offers and equity underwriting
- Convertible and exchangeable bonds
The team offers innovative equity derivative solutions to clients who wish to acquire, dispose of, protect or leverage their equity stakes.
The ECM team consistently maintains a leading market share across all major ECM products and works closely with RMB Morgan Stanley - the leading equity sales, trading and research business in South Africa. RMB Morgan Stanley consistently maintains the top-ranking market share on the JSE.
RMB Morgan Stanley has exclusive access to Morgan Stanley’s global equity distribution and research platform. This gives RMB and RMB Morgan Stanley the ability to access a broad universe of global equity capital for its clients.
RMB Morgan Stanley is the leading ECM team in South Africa by a significant margin, having worked on seven of the top 10 IPOs since 2010, including:
- Pepkor Holdings - $1,247-m/R16.4-bn
- Vivo Energy - $820-m/R10.3-bn
- Tsogo Sun - $708-m/R7.6-bn
- Life Healthcare - $645-m/R5.0-bn
- Royal Bafokeng Platinum - $426-m/R2.7-bn
- Alexander Forbes - $348-m/R3.7-bn
- ARC Investments - $332-m/R4.3-bn
Other recent and relevant transactions include:
- Discovery – R1.85-bn accelerated placing of Discovery shares
- Shoprite Holdings – R3.6-bn accelerated placing of Shoprite Holdings shares
- African Banking Corporation of Botswana – $28-m IPO and listing of shares held by Atlas Mara on the Botswana Stock Exchange
- Sibanye Gold – R13,5-bn rights issue
- Impala Platinum – R3.3-bn convertible bond offering
- Life Healthcare – R9-bn rights issue
- Pan African Resources – R705-m accelerated placing of Pan African shares
- Royal Bafokeng Platinum – R1.2-bn convertible bond offering
- Rhodes Food Group – R660-m accelerated placing of Rhodes Food Group shares
- Remgro Limited – R9.9-bn rights issue
- PPC – R4-bn rights issue
- Ethos Capital – R1.8-bn IPO and listing on the JSE
- Spar – R2.2-bn and R1.5-bn accelerated placings of Spar Group shares
- Mediclinic – R10-bn rights issue
We provide holistic private fundraising solutions that assist companies and private funds in raising equity and equity-like capital from a wide range of financial institutions, growth funds, financial sponsors, development finance institutions, sovereign wealth funds, pension funds and ultra-high net worth individuals in South Africa, sub-Saharan Africa and internationally.