Namakwa Diamonds listed on the London Stock Exchange

South African alluvial diamond-miner and diamond business company, Namakwa Diamonds, listed on the main board of the London Stock Exchange, as it raised about £90,71-million through its initial public offering, to fund new mines in the Democratic Republic of Congo DRC and Namibia.

The diamond company has priced its initial public offering at 181 pence a share giving the company an estimated market capitalisation of around £211million

Namakwa’s chief executive officer Nico Kruger said the proceeds of the IPO would help finance growth in the company’s mining and beneficiation businesses. The Kruger family owns 25 percent of Namakwa Diamonds and is currently the company’s largest shareholder.

The IPO consisted of 50,117,655 ordinary shares (prior to the utilization of the over-allotment option,) representing 43 percent of the 116,386,309 Namakwa ordinary shares in issue.

Namakwa operates mines in the North West province of South Africa, in Namibia, Angola, and the Democratic Republic of Congo. it has an estimated diamond resource base of about 16,6-million carats, of which about 4,1-million carats are indicated diamond resources, and 12,5-million carats are inferred diamond resources.

Story link: Namakwa Diamonds listed on the London Stock Exchange