ICON Properties IPO, MWK14.7 billion

Jan 31, 2019

Standard Bank Malawi (SBM) acted as the lead transaction advisor and receiving bank on this MWK14.7 billion (R272 million) transaction.

In addition to being the largest initial public offering (IPO) in Malawian history, it was also the first IPO on the Malawi Stock Exchange in a decade. ICON was fully subscribed and its share price gained 37% on its listing date. The transaction was concluded within two and half months which makes it the shortest period for such a transaction to have been concluded in Malawi.

Aside from advising on the size and structure, and executing on the transaction, SBM also played a key role in the following: managing interactions with the Malawian Stock Exchange (MSE), the Registrar of Financial Institutions and the Registrar of Companies; identifying and securing underwriting commitments from high quality financial institutions, offering structuring and pricing guidance for the IPO, managing several roadshow events for ICON to generate interest in the IPO; and leading deal demand generation for the transaction.

ICON is the largest property holding company in Malawi and is a subsidiary of NICO Holdings Plc. They are part of the Sanlam Group. Their properties are located in major economic centers in Malawi and include significant shopping malls, prime office buildings and key industrial sites. ICON’s property portfolio has a total gross lettable area of 72 630m², making them the largest in the real estate sector by both lettable area and value.

This landmark deal has once again proved Standard Bank’s ability to guide and support our clients on-the-ground with our extensive IPO experience.

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