Investec withdraws 10% share offer in Ninety One due to market conditions

Demerger and listing on track

Investec has announced it will not pursue the public offer of 10% of the shares of its rebranded funds business Ninety One as part of its IPO, citing the recent market volatility.

It confirmed it will proceed with the proposed demerger and public listing of Ninety One, formerly Investec Asset Management, on 16 March. In a statement, Investec said that "in light of the recent volatile market conditions, the boards of Investec have decided not to pursue the global offer of approximately 10% of the combined total issued share capital of Ninety One". Ninety One IPO set to proceed with £2bn valuation Fani Titi, joint CEO of Investec, said: "Market conditions have proved particularly challenging in the recent two weeks and, while we were encouraged by the strength...