Agilitee, First Black-Owned Electric Vehicle Manufacturer To Raise $2bn From Public Offer

…Announces Reorganization

Agilitee Africa, the first black-owned electric vehicle manufacturer has commenced the process to raise a total of $2bn equity capital through Initial Public Offer.

As part of measures to achieve this, the firm on Monday announced the appointment of ACACIACAP Advisors a Johannesburg Stock Exchange approved sponsor for Main Board companies which acts as a Designated Advisor for the AltX listed companies.

The appointment became imperative as the company is starting a process of going public on the Johannesburg Stock Exchange through an Initial Public Offering.

As part of the IPO, the company said in a statement that it is also conducting an early bird capital raising through a private placement where high net worth individuals and other qualified investors can inject a minimum of $65,000 into Agilitee.

In a bid to reposition the company, Agilitee said in the statement that it has also completed the reorganization of its business, adding that the corporate action was aimed at taking Agilitee from being a regional player to a global player in the field.

The reorganisation led to the founder of the company resigning as the Chief Executive Officer of Agilitee Africa at the end of May 2022, while the Chief Operating Officer of Agilitee Africa moved up to being the CEO of the Company.

Other new appointments have also been completed and principal among them is the appointment of a former CFO of a Johannesburg Stock Exchange listed Tech Group, which announcement will be made in a week.

This is followed by a new Human Resource Director, Ms, Masego Motloba who has over 21 years HR experience and over 10 years’ experience at managerial and leadership level. The company has also appointed Mr Nkululeko Magwaza who is one of the founding employees of Agilitee as the new head of Inventory.

With this IPO, Agilitee said in the statement that is also seeking to raise a total of $2bn in equity capital by selling 10 per cent of the business to new investors.

The company will also be giving away another 10 per cent which is $2bn worth of its shares to the poor across the continent of Africa.

This is aimed at empowering the less privileged and ensuring that Agilitee fulfils its mandate of poverty alleviation in Africa.

The Company also said it will be setting a precedence as this will be the first time in the history of IPOs this has ever been done.

Speaking on the IPO, Dr Lamba expressed optimism that the capital raising will position the company to be able to compete globally.

Lamba said, “This IPO is the final leg of every promise that Agilitee made when Agilitee was formed and it will usher the continent to the forefront of the global green revolution.

“I have worked with ACAICAP for a while as they have advised my other company on a number of investments that were successfully concluded on the Johannesburg Stock Exchange. I am glad they took up the challenge again when we showed up with Agilitee and said to them, please take us public through an IPO.

“So, this IPO is bringing the poor to the JSE through the free shares we will donate, and making them part of a JSE that has not transformed for 134 years.”