These are the companies billionaire Patrice Motsepe has invested in through ARC

African Rainbow Capital Investments, the financial-services firm started by billionaire Patrice Motsepe in July 2015, is due to list on the main board of the Johannesburg Stock Exchange on Thursday, 7 September 2017.

The company said in a pre-listing statement last week that it will sell shares worth R4 billion in an initial public offering giving the company a market value of approximately R8.5 billion, including R2 billion rand in cash for future purchases, co-chief executive officer Johan van der Merwe told Bloomberg recently.

ARC Investments said it would sell more than 471 million shares, or around a 47% stake, at R8.50 each.

The company said in a statement on Tuesday that its IPO was oversubscribed, prompting it to offer more shares.

ARC said said it will offer a further 35 million shares at 8.50 rand each.

“The gross proceeds from the offer will increase from R1.9 billion to R2.2 billion,” ARC said in a statement, adding that together with the funds from cornerstone investors it would have raised R4.3 billion in total.

African Rainbow Capital Investments, which will be 51% held by ARC, is targeting returns of 20% and does not plan on paying out dividends while in its growth phase, van der Merwe said.

The investment firm said it will continue to target investments in the agriculture, banking and telecommunications space.

In its pre-listing statement, ARC Investments provided details of its initial portfolio it plans to give its investors access to.

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