Clover prices IPO at middle of range Dec 09 2010 08:51 Reuters Print this article | Email article Johannesburg - Dairy foods maker Clover, which is due to list next week, on Thursday priced its initial public offering in the middle of its range, raising R575m. Clover, whose brands include Tropika juice, plans to list on the JSE on December 14. Clover said it had sold 54.8 million shares at R10.50 each, against its announced range of R9 to R12, and raised R575m in the placement, including an overallotment. Clover has said it planned to raise R500m to repay debt and fund its expansion plans, including its key Cielo Blu project. The Cielo Blu project, estimated to cost R350m over the next four years, involves moving production facilities closer to milk sources in the coastal areas of South Africa. Clover's plans to list come as the market for new listings begins to show signs of life, helped by a recovery in investor risk appetite. Clover began operating in 1898 and milk suppliers hold about 85% of the company while management holds the rest.
