South African food company Libstar Holdings has raised ZAR3bn (US$238.6m) from a public offering of shares after revitalising a listing originally slated for last year.

Libstar, whose businesses include bakery, snacks and confectionery, sold ZAR1.5bn through a share placement priced at ZAR12.50 each, and another ZAR1.5bn offered by its shareholders. 

Settlement is scheduled for tomorrow (9 May) when the stock will list on the Johannesburg exchange, according to a company statement.

When Libstar announced the IPO was back on the table in April, the company said private-equity fund APEF Pacific Mauritius, or Abraaj Group, bought a 71% controlling interest in 2014, adding the South African government pension fund – Public Investment Corporation – owned 19.36% of the business and management 9.71%. 

Libstar, the owner of brands such as Amaro Foods, Cape Herb & Spice and mushroom supplier Denny, said it will use the funds raised from the share offering to pay down some of its debt. 

In April, co-founder and chief executive Andries van Rensburg explained the decision to list Libstar’s shares: “The decision to embark upon a JSE listing is an exciting step in the next phase of Libstar’s development and growth story. 

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“The capital that we raise from the listing will support our growth prospects and allow us to, amongst other things, invest further in our categories and manufacturing facilities.”