Pick n Pay Stores said it will list its low-cost Boxer business on the Johannesburg bourse by the end of the year and that the South African grocer will raise as much as R8-billion in the process, making it the continent’s biggest offering this year. Amid a revamp of South Africa’s third-largest grocer by revenue, Pick n Pay expects the offer to raise toward “the upper end” of a previously guided range of R6-billion to R8-billion, it said in a statement Monday. It will include an overallotment option that likely won’t exceed R500-million.
