Alexander Forbes raises $345m in IPO

JOHANNESBURG (Reuters) – South African pension manager Alexander Forbes on Friday priced its initial public offering at the middle of its planned range on Friday, raising 3.7 billion rand ($345 million) ahead of its return to the Johannesburg exchange.

Alexander Forbes, which was taken private by a group of investors including buyout firm Actis in 2007, said it priced the IPO at 7.5 rand a share, compared to its planned range of 6.9 to 8.05 rand.

The company said the total size of the offer was 496.7 million shares, including an over-allotment option of up to 64.8 million shares.

Deutsche Bank AG, Morgan Stanley and FirstRand unit Rand Merchant Bank were the joint book-runners on the sale.

($1 = 10.7091 South African Rand)