Investec reveals IPO plans for asset management arm
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Investec on Friday said it intended to float its asset management business, now called Ninety One.
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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.