Sygnia Stock Surges as South African Money Manager Debuts on JSEby
Shares of Sygnia Ltd. surged as the South African money manager made its debut on the Johannesburg Stock Exchange.
The stock jumped as much as 71 percent to 14.40 rand before paring gains to trade 63 percent up at 13.70 rand as of 9:16 a.m. in Johannesburg. The Cape Town-based company sold 31.2 million shares to selected investors at 8.40 rand in a private placement before Wednesday’s listing to raise 262 million rand ($19.5 million) to increase regulatory capital, develop systems, conduct marketing and research and to expand.
Sygnia Asset Management Pty Ltd., a unit which began in 2003, has 140 billion rand under management in multi-manager funds, index-tracking funds and funds of hedge funds, according to the company’s website.