Global asset manager Ninety One aims to float on LSE and JSE

Global asset manager Ninety One, currently known as Investec Asset Management, today confirms its intention to proceed with an Initial Public Offering (IPO) of Ninety One Shares and announces certain details of the IPO.

The intention to float follows the announcements by Investec plc and Investec Limited earlier in February regarding the successful outcome of the Investec shareholder vote to proceed with the demerger and listing of Ninety One.

The offer will comprise up to approximately 10% of the combined total issued Ninety One shares to be sold by Investec to new or existing institutional and certain other investors. Ninety One staff plan to participate in the offer alongside institutional investors.

Following the demerger, the Ninety One plc Shares will be listed on the Main Market of the London Stock Exchange, with a secondary inward listing on the Main Board of the Johannesburg Stock Exchange and the Ninety One Limited Shares will be listed on the Main Board of the Johannesburg Stock Exchange.

“The dual-listing structure will acknowledge our South African roots, while the London listing positions us for continued international growth,” says Hendrik du Toit, Investec Joint Chief Executive Officer and Ninety One Founder.

After admission, Ninety One intends to have a free float of 60-65% of Ninety One’s issued shares.

The Ninety One Group is a founder-led independent global asset manager, established in South Africa in 1991 with £121 billion in assets under management, as at September 30, 2019. It primarily offers a range of high-conviction, active strategies to its client base across the world.

At present, the Ninety One Group serves its client base via five regional teams – Africa, the United Kingdom, Asia Pacific, the Americas and Europe and across two distribution channels – Institutional and Advisor. Institutional clients include some of the world’s largest private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations and central banks, while Advisor clients include large retail groups, wealth managers, private banks and intermediaries serving individual investors.

For the six months ended September 30, 2019, the Ninety One Group had net inflows of £3.2 billion and operating profit before exceptional items of £97.3 million.