Consol of South Africa pulls its IPO as investors refuse valuation

The IPO of Consol, the South African glass bottle maker, has been pulled on the last day of bookbuild. The seller blamed difficult markets and said it had not been able to achieve its “valuation objectives”.

  • By Sam Kerr
  • 25 Apr 2018

Bank of America Merrill Lynch, Goldman Sachs, Rand Merchant Bank and Standard Bank were global co-ordinators on the all-primary IPO.

“The shareholders had an expectation of valuation which the market wasn’t willing to pay for in the current environment,” said a banker on the deal. “In the market ...

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