South African food company Rhodes Food Group Holdings has raised ZAR1.22bn (US$108.4m) through its planned IPO.

The company said 102.3m shares at a price of ZAR12 per share were placed. RFG had set the price range at ZAR10.50-13.50.

The issue gives RFG a market capitalisation of ZAR2.65bn when it lists. RFG is expected to list on the Johannesburg stock exchange on Thursday (2 October).

RFG owns brands including Bull Brand canned meats, Hazeldene jam and Portobello cheese.

The IPO was a mix of new shares, as well as those owned by existing investors, including management and private-equity owner Capitalworks.

In a listing statement issued two weeks ago, RFG said the proceeds from the IPO would be used to pay down debt and invest in production capacity. The company plans to invest ZAR71m in expanding capacity in 2015.

The company's statement included revenue and EBITDA for the nine months to June 2014. Revenue was ZAR1.77bn, with EBITDA at ZAR227m.

In the year to September 2013, RFG saw revenue increase 19.4% to ZAR1.86bn. EBITDA was up 39.6% year-on-year at ZAR227m.