African Rainbow Capital (ARC), the South African financial services firm founded and controlled by South African billionaire Patrice Motsepe, has announced plans to raise more than $300 million in a Johannesburg stock market flotation.
In a press statement it issued on Thursday, ARC said it would offer shares worth 1.9 billion rands ($144 million) to private investors and 2.1 billion rands ($160 million) to 3 pre-selected institutional investors including the Public Investment Corporation (PIC), South Africa’s state pension fund.
African Rainbow Capital is a fully integrated diversified financial services business in South Africa that focuses on both financial services and compelling private equity placements. The company currently has assets valued at more than $400 million in health insurance, mortgage services, real estate and stock brokerage among other assets. It owns stakes in Afrimat, a Johannesburg Stock Exchange-listed open pit mining company providing industrial minerals and construction materials, luxury residential real estate company Val de Vie and banking advisory firm Bravura.
Motsepe has a current net worth of $1.77 billion according to the FORBES’ Real-Time Billionaire Scoreboard.