Investec reveals IPO plans for asset management arm

Investec on Friday said it intended to float its asset management business, now called Ninety One.

The company said it would proceed with an initial public offering subject to shareholders approving a demerger of the business in a vote on February 10.

Investec plans to keep a 15% stake in Ninety One with 55% held by Investec and its existing shareholders; 20% by staff of the demerged unit and 10% new institutional and “certain other investors”.

Immediately following admission, Ninety One intends to have a free float of 60-65% of Ninety Oneand expected it would be eligible for inclusion in the UK's FTSE and Johannesburg's SA indices.