Abraaj Plans IPO of South African Consumer Firm Libstar
- Libstar could be valued at up to $1 billion in a share sale
- Buyout firm working with JPMorgan, Standard Bank on IPO
Employees restock shelves with pharmaceutical products inside a Shoprite Holdings Ltd. supermarket in Johannesburg, South Africa, on Thursday, Aug. 14, 2014. Shoprite is South Africa's biggest food retailer and earns about one sixth of its revenue outside of the country.
Photographer: Dean Hutton/BloombergAbraaj Group is planning an initial public offering of South African food and personal care maker Libstar, which may value the firm at as much as $1 billion, according to people familiar with the matter.
The emerging markets buyout firm, which bought a controlling stake in Libstar in 2014, is working with JPMorgan Chase & Co. and Standard Bank Group Ltd. on a planned share sale this year which may raise about $300 million, the people said, asking not to be identified as the information is private. The company is leaning toward a listing on the local stock exchange though a potential sale in London is also under consideration, the people said. No final decisions have been made, they said.