The tides have not quite turned, but the JSE is close to double figures in terms of attracting new listings over the past 12 months. Shuka Minerals, a coal-focused junior mining venture, is the latest addition to the JSE. Though this is a relatively small inward secondary listing, it could spark more developments on what has become a disappointingly depleted mining sector.
As recently as the late 1990s the JSE was still hosting a slew of exploration ventures and fledgling mining counters. These days the Toronto Stock Exchange, the Australian Securities Exchange and London are the go-to destinations for junior miners — including local ventures — looking for development capital.
The JSE recently expanded its fast-track universe, allowing secondary listings for companies with primary listings on 14 international exchanges — including the big bourses in London, Hong Kong and New York.
The fast-track listing route means a relatively snappy approval process, lower listing fees and less paperwork
The fast-track listing route means a relatively snappy approval process, lower listing fees and less paperwork on the prelisting requirements. Aside from Shuka, the JSE has wooed two offshore property listings — Supermarket Income and Assura — while US-listed ASP Isotopes, a South Africa-based operation, has also opted for an inward secondary listing.
Pukka primary listings remain few and far between. Aside from spin-offs such as WeBuyCars, Boxer and Rainbow Chicken, only microcap companies AltVest and Cilo Cybin Holdings have made it to the market.
Still, if inward secondary listings do continue to flow, it will no doubt heighten the well-oiled market mechanisms of the JSE, maybe inspiring a new generation of local entrepreneurs and dealmakers to mull the benefits of listing.
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