Rand Merchant Bank (RMB) delivered a commanding performance in 2024, solidifying its position as Africa’s leading independent advisory house through the scale, complexity and strategic impact of its equity, debt and private capital transactions across the continent.
In a year marked by revived capital market activity in South Africa and increasing investor appetite for strategic restructuring, RMB’s advisory franchise stood out for the breadth of its client coverage and the sophistication of its solutions.
RMB’s equity capital markets (ECM) team executed eight landmark transactions valued at over R35 billion ($2 billion), accounting for more than 70% of total equity capital raised on the Johannesburg Stock Exchange (JSE). This included the R8.5 billion IPO of Boxer, the largest new listing on the JSE since 2017, which formed the second step in Pick n Pay’s dual-phase recapitalisation. RMB also advised on five accelerated bookbuild offerings, including R16.8 billion in sell-downs of Anglo American Platinum shares, which broadened the company’s shareholder base and increased free float ahead of a planned demerger.
RMB played a critical shareholder advisory role in Pick n Pay’s R4 billion rights offer, which achieved a 98.7% subscription rate and was 2.1x oversubscribed. This followed nine months of strategic engagement with Pick n Pay’s management to recalibrate the group’s capital structure. Similarly, RMB advised Brait on a complex recapitalisation involving convertible bond amendments, upsizing of its credit facility and a R1.5 billion rights issue – providing liquidity and flexibility to execute its wind-down strategy.
RMB’s multidisciplinary advisory team consistently delivered innovation and impact
In debt capital markets, RMB delivered standout transactions including in its role as joint lead manager and bookrunner on the Africa Finance Corporation’s $500 million issuance, which priced inside fair value amid strong investor demand. RMB also supported Development Bank of Rwanda’s pioneering sustainability-linked bond (SLB), the first of its kind by a national development bank globally and the first SLB issuance in East Africa. On the high-yield front, RMB led IHS Towers’ USD/ZAR dual-currency syndicated facility and played a key role in Engie and G7 Renewable Energies’ R9.3 billion financing of the Oya Energy hybrid plant, the largest co-located renewables-plus-storage facility in Africa.
Private capital advisory was another core strength. RMB acted as sole financial adviser on high-impact transactions such as Varun Beverages’ R3 billion acquisition of BevCo, a landmark India-Africa corridor deal, and the sale of Swiftnet to Actis and Royal Bafokeng Holdings for R6.75 billion, helping Telkom monetise its tower assets and reduce debt.
Reflecting on RMB’s advisory culture, Robert Leon, co-head of investment banking, says: “Our ambition is to provide a full suite of M&A solutions; it starts with being a trusted adviser to a client long before they are thinking about a specific opportunity. We don’t just get involved when it’s time to transact – our goal is to help them shape their strategy as well as the specific opportunity. From there, we can provide transaction advisory and funding as well as more holistic banking solutions to suit our clients’ needs.”
From ECM and DCM to private capital, restructuring and cross-border M&A, RMB’s multidisciplinary advisory team consistently delivered innovation and impact, shaping transactions that unlock strategic value for clients.
