Balwin Seeks Up to $115 Million Ahead of Johannesburg Listing

Balwin Properties Ltd., a South African residential-estate developer, will seek to raise as much as 1.6 billion rand ($115 million) before an Oct. 15 listing on the Johannesburg Stock Exchange.

Balwin plans to sell shares at 8.51 rand to 9.88 rand each in a private placement closing on Oct. 8, the company said in a statement on Friday. Investec is the corporate adviser, bookrunner and sponsor for the offer and proceeds will be used to repay debt and provide financial capacity for future development and land acquisitions.

Balwin, which said it expects a market capitalization of 4.2 billion rand to 4.7 billion rand, is seeking to capitalize on growing demand for housing in the country. The company develops residential estates in South Africa’s major cities, which include apartments and amenities such as restaurants and sport and entertainment facilities.

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