Naspers spin-off Prosus made a good start to its first day of trading on Wednesday opening at just over R1,200 a share in Amsterdam and on the JSE.
The company, valued at $100bn (R1.5-trillion), is a portfolio manager for international internet companies and currently holds a 31% stake in Chinese tech giant Tencent.
Veteran stockbroker David Shapiro says the early signs look positive.
I think it's going to be a winner, I think it's' going to attract a lot of foreign shareholders.— David Shapiro, Stockbroker and Deputy Chairman at Sasfin
And what of the fortunes of parent company Naspers which retains a 73% stake in Prosus, but whose shares dipped 31.40% lower than Tuesday’s close on Wednesday morning.
It's worth nothing, but the market tends to just discount it as being worthless.— David Shapiro, Stockbroker and Deputy Chairman at Sasfin
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This article first appeared on CapeTalk : Naspers spin-off comes in at R1,200 a share