Ethos Capital has successfully listed as an investment entity in the “Financials – Speciality Finance” sector of the main board of the securities exchange operated by the JSE.

The opening trade in Ethos Capitals took place R10.26 per share, resulting in a market capitalization of R1.85bn.

Peter Hayward-Butt, CEO of Ethos Capital, said: “The overwhelmingly positive response to our placement affirms the strength of our company’s differentiators and prospects.”

“We look forward to investing alongside Ethos Private Equity into high-potential businesses, supporting economic growth and job creation in the long term whilst simultaneously delivering value to our shareholders,” he added.

Ethos Capital earlier successfully placed 180 million A ordinary shares at R10 per share with qualifying investors, raising R1.8bn in an oversubscribed placement.

Rand Merchant Bank, a division of FirstRand Bank Limited acted as the financial adviser, sole global coordinator, bookrunner and JSE sponsor in relation to the listing.

The listing offers investors long-term capital appreciation by investing, directly and indirectly, in a diversified portfolio of unlisted investments.

Ethos Private Equity, the largest private equity firm in sub-Sahara Africa, has been appointed as fund manager and advisor to Ethos Capital.

Stuart MacKenzie, CEO of Ethos Private Equity, said: “Growth is a central principle of Ethos Private Equity’s strategy: value is added by actively transforming the strategy, operations and finances of investee businesses, striving to make them “best-in-class”.”

“Through pioneering thought leadership, creativity and innovation, Ethos Private Equity has developed a long track record of sustainable investor returns,” he said.

It is anticipated that the net proceeds from the listing will be invested in the primary investments, secondary investments, direct investments and temporary Investments (investments in a portfolio of low-risk, liquid debt instruments for cash management purposes).

In its 32-year history, Ethos Private Equity has invested in 104 acquisitions of which 91 have been realised, delivering investment returns with a gross realised internal rate of return (IRR) of 37.4%.