Steinhoff's STAR targets US$5bn valuation

摘要

Steinhoff International kicked off the Johannesburg Stock Exchange listing of its Africa retail assets last Wednesday. steinhoff africa retail (STAR) is targeting a valuation of around US$5bn and a free-float in the region of 20%, suggesting a deal size of around US$1bn. There is the feeling that as a well-flagged, relatively straightforward asset with a known parent, STAR presents a strong and solid starter for the post-summer pipeline. A two-plus-two schedule is planned, putting the start of bookbuilding around September 5 and pricing around September 19.