South African container glassmaker Consol plans to float on the Johannesburg Stock Exchange.

The flotation, pencilled in for May 4, will see it offer shares priced between R1.50 and R6.50 per offer share, corresponding to an expected market capitalisation of between R8 billion and R9.8 billion.

The total gross amount of capital to be raised will be approximately R3.04 billion.

The offer shares will represent between 31 and 38% of Consol’s ordinary shares, depending on the final offer price.

Consol, which counts blue chips such as Anheuser-Busch InBev, Diageo and Heineken among its customers, said the listing would allow shareholders to cash in on their 11-year investment in the company and raise money to pay down debt, which includes 4.7 billion rand in loans from shareholders.

Consol is a glass packaging manufacturer and provides products to customers in industries including beer, wine, flavoured alcoholic beverages, non-alcoholic beverages, spirits and food.

Mike Arnold, CEO of Consol said: “The listing will allow us to pursue our growth strategy in Africa and achieve our ambition of being the first choice for glass packaging supply in Africa.

"The highlights and appeal for potential investors include not only our highly experienced and established management team, but also that we are a market leader in a highly attractive industry, and we operate in consumer markets with solid long-term growth prospects.

“Consol has a wide product offering and value proposition that drives our competitive advantage, together with long-standing relationships with market- leading customers across the African continent.”