Dequity Capital Management Limited IPO Cancelled

• VM Wealth Management Limited (VMWM), a subsidiary of VM Investments Limited, in its capacity as Lead Broker, announced that the Initial Public Offering (IPO) of Dequity Capital Management Limited (the Company) was closed on December 18, 2025. However, the Company has taken the decision not to proceed with the IPO, as the minimum subscription amount ($500Mn) required under the Prospectus was not achieved by the Closing Date.
• All subscription amounts paid by Applicants will be refunded in full, without interest, in accordance with the terms of the Prospectus. Refunds will be processed within ten (10) Business Days of the Closing Date, and will therefore be completed no later than January 6, 2026, using the same channels through which applications were submitted.
• The IPO opened on November 27 and closed on December 18, 2025. The offer represented $394.5Mn common shares to the general public at J$1.00 per common share, and $263.0Mn reserved shares being offered at J$1.00 for strategic investors.
• The proceeds were primarily intended to settle debt obligations, fund working capital management for investment purposes, and cover the invitation and listing expenses. The cancellation of the IPO leaves Dequity’s $600Mn debt obligation unaddressed.
• With the bond maturing in February 2027, the firm needs capital to ensure it can fulfil its upcoming secured debt commitments. Alternatively, the company could refinance this debt, which currently carries an interest rate of 13.0% per annum, thereby reducing finance costs and supporting future earnings.

(Sources: JSE & NCBCM Research)