South Africa's Alexander Forbes raises $345M in IPO

Alexander Forbes, Sandton, South Africa

South African pension manager Alexander Forbes on Friday priced its initial public offering at the middle of its planned range on Friday, raising 3.7 billion rand ($345 million) ahead of its return to the Johannesburg exchange.

Alexander Forbes, which was taken private by a group of investors including buyout firm Actis in 2007, said it priced the IPO at 7.5 rand a share, compared to its planned range of 6.9 to 8.05 rand.

Read more: South Africa's Alexander Forbes raises $345 mln in IPO | Reuters.