TransCap targets locals with $100m offer

Transaction Capital, the South African non-bank lender, opened books for a R600m-R920m ($73m-$110m) Johannesburg IPO on Monday after completing 10 days of investor education in which its key peers traded strongly. The deal, however, is too small for most European funds and although the analyst came to London, and a day of management meetings are planned, the vast majority of the shares will likely be taken by South African funds.