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Kings Pride Properties readies US IPO after landing US$450M funding commitment

Kings Pride Properties Ltd. is set to conduct an IPO in the U.S. after securing a US$450 million commitment from Milost Global Inc.

The IPO will be funded by Milost and will be carried out through the purchase of a reporting blank check company to expedite the process. The company expects its shares to be traded before the end of February 2018.

Kings Pride said trading its shares on the U.S. market will boost liquidity and global exposure for the company and its management.

The US$450 million financing commitment is being provided by Milost through its managed Mesa Fund 1 global opportunity fund. It will comprise US$300 million of debt and US$150 million of equity. Kings Pride said the financing should provide it with a working capital and development facility for its existing and future development plans.

Palewater Advisory Group Inc. in Johannesburg is advising the company on the proposed IPO transaction.