It was "imperative" that Ninety One, the asset management firm being spun out of Investec, completed its IPO on time "irrespective of market conditions", according to founder and CEO Hendrik du Toit.
Ninety One listed on the London and Johannesburg stock exchanges on Monday (16 March) amid coronavirus-related market turmoil. While "a bit of a market crash was not part of the plan", du Toit said it was important to get the transaction done on time. "The timing of the IPO was not relevant because no-one was disinvesting," he explained. In fact, du Toit said management "intends to increase its stake" in the business, which currently stands at 20%, claiming recent volatility is "creating an opportunity for further investment in the business by both management and willing shareholders"...
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