Boxer lists on A2X

Discount retailer Boxer now has two listings in South Africa – one on the JSE and a secondary listing on A2X Markets.

A2X was founded by CEO Kevin Brady, Sean Melnick, and Ashley Mendelowitz to create a new South African exchange to compete with the incumbent JSE. 

On Tuesday, the company announced that Boxer, a majority-held subsidiary of Pick n Pay, has followed its owner’s lead with a secondary listing on A2X Markets. 

Boxer began trading on A2X on the same day that it listed on the Main Board of the JSE, 28 November 2024.

“Trading since listing day has been brisk. Over 830,000 shares have traded, valued at about R53 million,” the company said.

“The dual listing on the JSE and A2X signifies a significant step in Boxer’s journey. A2X reinforces our strategy to optimise shareholder value,” Boxer CEO Marek Masojada said. 

“With A2X’s lower-cost structure and competitive trading environment, Boxer shareholders will gain from both increased liquidity and trading options.”

A2X CEO Kevin Brady said the company is excited to welcome Boxer. 

“Boxer’s strong brand and community-focused approach align with our mission to provide companies and investors with a cost-effective, alternative trading venue,” he said.

Boxer, with an annual turnover of R37.4 billion and a trading profit of R2.1 billion in FY2024, is a leader in the discount grocery sector.

It commands approximately 68% of the discount market and a 4.2% share in the broader formal grocery market.

Boxer surged in its JSE debut following South Africa’s biggest initial public offering since 2017.

On the day of its listing, the stock gained 18% to R63.69 by 12:00, up from the IPO price of R54 per share.

This listing raised at least R8 billion for Pick n Pay, which has now completed the capital raise plan it started earlier this year.

The Boxer IPO forms part of a turnaround plan by Pick n Pay CEO Sean Summers to recapitalise the retailer and stem years of market-share declines.

Pick n Pay raised an additional R4 billion through a rights issue earlier this year.