Standard Bank reinforced its leadership in African equity capital markets (ECM) in 2024 through high deal volume, dominant market share and innovative structuring across public and private markets.
The bank advised on nine ECM transactions across sub-Saharan Africa, accounting for 53.7% of the regional underwriting market share by value, and concluded more ECM deals than any other institution across the continent.
The bank’s landmark achievements included the third-largest IPO in Johannesburg Stock Exchange history: the R8.5 billion ($482 million) listing of Boxer Retail, a high-growth discount supermarket chain spun out of Pick n Pay. Standard Bank acted as joint global coordinator and joint bookrunner on the Boxer IPO, following its role as joint global coordinator and underwriter for Pick n Pay’s preceding R4 billion rights issue. Together, the transactions formed a critical two-step recapitalisation strategy. Demand for the IPO was robust, with over 150 investors submitting orders and final pricing at the top of the range.
Standard Bank’s ECM franchise combined depth, reach and innovation to deliver across IPOs, rights issues, bookbuilds and public offers
In Angola, Standard Bank served as mandated lead arranger and lead bookrunner on the NKz8.97 billion ($9.8 million) IPO of ENSA Seguros, the country’s first independently advised public listing and only the third IPO in local capital market history. The bank advised the Angolan state and IGAPE on structuring, pricing, investor education and regulatory approvals, helping the deal price at the top of the range and close 174.5% oversubscribed.
In Nigeria, Standard Bank played a leading role in the ₦548.7 billion ($358 million) rights issue for Nigerian Breweries – the largest equity capital raise in the country’s history – and also advised on Access Holdings’ ₦351 billion rights issue. In parallel, it acted on FCMB Group’s ₦110.9 billion public offer, which was 30.3% oversubscribed and successfully broadened the shareholder base. These transactions were prompted by regulatory capital requirements for banks and insurers, and Standard Bank moved quickly to help clients interpret the new rules, structure marketable offers and navigate approval processes. In total, Standard Bank supported eight companies in Nigeria to raise a combined ₦2.181 billion via a combination of public offers and rights issues.
The bank’s continental footprint and investor relationships were also instrumental in the USh220 billion ($61 million) accelerated bookbuild for MTN Uganda, which attracted broad participation from retail, domestic and international institutions.
“2024 was characterised by a diverse range of deal flow in Africa, both by product and geography,” says Simon Matthews, global head of ECM at Standard Bank. “Strong domestic investor support in both South Africa and Nigeria, complemented by international demand, allowed the region to raise the most amount of capital since 2019. As the underlying macro conditions continue to improve, we expect increasing investor focus on the region, allowing companies to realise their capital raising ambitions.”
In 2024, Standard Bank’s ECM franchise combined depth, reach and innovation to deliver across IPOs, rights issues, bookbuilds and public offers. With experienced teams in Johannesburg, Lagos and London, the bank solidified its position as the go-to adviser for African issuers seeking strategic capital solutions in local and international markets.
