Boxer makes its debut on the Main Board of the Johannesburg Stock Exchange (JSE)

The Initial Public Offering (IPO) of a previously wholly owned subsidiary of the Pick n Pay Group will raise up to R8.5 billion, representing one of the largest public offerings in the past decade.

157.4 million Boxer shares were allocated at R54 per share, representing 34.4% of its total issued share capital, assuming an overallotment option is exercised in full. This implies a market capitalisation of R24.7 billion for Boxer.  The offer was multiple times oversubscribed, which illustrates bullish sentiment among retail and institutional investors.

“The listing on the JSE will increase our profile and visibility and provide Boxer access to a large pool of capital for growth. The support from investors was overwhelming, clearly demonstrating the worth of the Boxer business and unlocking value for both Boxer and Pick n Pay shareholders,” said Marek Masojada, Boxer CEO.

Boxer Superstores is the leading discount grocery retailer in South Africa. For the 2024 fiscal year, the company had an annual turnover of R37.4 billion and a trading profit of R2.1 billion. To date, the company operates over 500 stores.

“This listing is not just a significant event for Boxer, and it is a celebration of the South African dream. It is a reminder that homegrown companies have the power to transform lives, drive economic growth and inspire future generations. They are the lifeblood of our economy, the roots that anchor us and the branches that support us. As a key contributor to the South African economy, at the JSE, we are proud to support Boxer in this journey by providing capital raising opportunities, a robust regulatory framework and access to a broad and diverse investor base” – Leila Fourie, JSE Group CEO.

Boxer has a history of rapid expansion, having opened an average of one new store per week over the past two financial years. By the end of the 2025 fiscal year, Boxer expects to add 65 new stores and thereafter aims to continue such growth, targeting the opening of 60 to 70 stores annually.

“Boxer’s listing on the JSE is an important moment for the local retail sector and shows our exchange’s capability to facilitate access to capital for companies poised for growth. This listing underscores our role in supporting South Africa’s economic development by enhancing the diversity and depth of market options available,” said Valdene Reddy, Director: Capital Markets at the JSE.

The JSE has welcomed seven new listings this year, with one more in the pipeline for 2024. The overall sentiment for new listings has significantly improved, which is largely supported by positive macro sentiment.

Boxer’s listing brings the total number of companies listed on the JSE to 281 with a market cap exceeding R19 trillion.