Consol Glass (Pty) Ltd. targets raising up to R3.4 billion ($290 million) in an initial public offering (IPO) as it returns to public market following years of being operated by public equity groups.
Consol is scheduled to offer its shares for sale on the stock market for the first time at the end of the month. The company plans to go to the market on the 30th of April, this year. The South African glass bottle maker told reporters on Monday that it is optimistic about meeting its targets for the initial public offering
The change in South Africa’s political leadership has increased investors’ confidence in the country’s economy. The coming to power of President Cyril Ramaphosa has reassured business leaders, following his promises to revive the economy and bring policy certainty.
President Cyril Ramaphosa intends to follow through on these promises as he has started taking steps to bring the country’s dreams to reality.
There are hopes that investors’ new found interest in South Africa will aid Consol in achieving its projection for the initial public offering.
Things you should know about Consol
Operating as a subsidiary of Consol Holdings (Proprietary) Limited, Consol Glass (Pty) Ltd. is a manufacturer and marketer of glass packaging products, which offers bottles, jars, and glass products for wines, food, spirits, alcoholic beverages, cosmetics, fruit juice, mineral water, pharmaceutical, and tableware markets in South Africa and internationally.
The Johannesburg-listed company also produces silica sands for external markets. The company’s line of sells for its products includes shops, distributors and online channels.
Formerly known as Consol Ltd., the glass maker, which was founded in 1946, changed its name to Consol Glass (Pty) Ltd. in April 2007. The South African–based company has manufacturing sites in Kenya and South Africa in Western Cape, Midrand, Johannesburg, and Germiston.