Transaction Summary
On November 28, 2024, Pick n Pay Stores Limited (Pick n Pay) sold a 34.4% stake in its wholly owned subsidiary, Boxer Retail Limited (Boxer), through an initial public offering (IPO) on the Johannesburg Stock Exchange (JSE). The IPO, the largest listing on the JSE since 2018, raised R8.5 billion ($471 million), with the International Finance Corporation participating as a cornerstone investor, contributing R350 million ($19.4 million) to support Boxer’s continued expansion and operational growth. Boxer, a leading discount supermarket chain in South Africa, operates 510 stores in South Africa and Eswatini and holds a 68% market share of South Africa’s discount grocery retail sector market and a 4.2% share of the broader grocery industry. This IPO was part of Pick n Pay's two-step recapitalisation plan, following Pick n Pay’s R4 billion ($227 million) rights issue in August 2024. The recapitalisation plan is intended to strengthen Pick n Pay’s balance
