Prism will list on the JSE IT sector on 13 October, despite the fact that many other IT companies have been scared off from listing by a soft market.
Doom mongering and October being regarded as an unlucky month in the market, will not dissuade the provider of secure electronic payments and transactions from going ahead with listing plans.
The group`s public offer of 4 million ordinary shares at an issue price of 200c opens 16 September. A private placement of an additional 30 million and a preferential offer of 2 million ordinary shares - all at the issue price of 200c - have already been three to five times over-subscribed. The issue of 36 million shares will bring the total number of ordinary shares in issue to 175 million.
"The timing of the listing is in line with Prism`s long-term business plan which included raising private equity to fund research and development and organic growth," says CEO Alvin Els. "We have built critical mass, and have a solid track record of 120% compound earnings growth per annum over the past five years, rising to 300% in the year to end-June 1999. We expect to repeat this 300% growth rate in the current financial year to 2000."
It is the first time in SA that an IPO [initial public offering] for a new listing on the JSE is being conducted over the Internet. According to Duncan Todd, marketing director at Prism Holdings, would-be purchasers of the 4 million ordinary Prism shares being made available in the public offer, can apply - and pay - for their shares online.
The online offer opens at the same time as the traditional offer to the public - at 9am tomorrow - and closes at noon on Thursday, 7 October.
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