No rest for Boxer executives

Pick n Pay chief executive Sean Summers said Boxer’s culture and its executives’ work culture shows why the company is such a great success.

On Monday, Pick n Pay announced that Boxer’s initial public offering (IPO) closed on 22 November 2024, with the company set to list on the JSE on 28 November 2024.

The IPO concluded with 157.4 million shares being allocated to qualifying investors at a share price of R54 per Boxer share.

Boxer’s initial public offering raised R8.5 billion for Pick n Pay, which will be enough to cover its interest-bearing debt, which stood at around R7.2 billion.

Boxer Superstores is a leading discount grocery retailer in South Africa with an annual turnover of R37.4 billion, a trading profit of R2.1 billion, and 489 stores.

Boxer is Pick n Pay’s most profitable business unit, and the market is very excited about the new listing.

However, despite the excitement and significance of the event, Boxer’s management will not be taking much time off to celebrate.

Summers told Biznews that everyone involved in the Boxer IPO and JSE listing process wants to be part of the occasion.

“Our extensive and expensive advisors were lining up a wonderful banquet for Thursday evening with a massive celebration to mark this occasion,” he said.

However, Boxer chief executive Marek Masojada and his management team said they were not interested in such an extravagant event.

Instead, they suggested a small cocktail party on Wednesday evening, blowing the Kudu horn on Thursday at the JSE, and returning to work.

“The Boxer management said they were going to stores on Thursday afternoon in preparation for Black Friday the following day,” Summers said. “We do not have time for dinners.”

Summers said that illustrates the culture of Boxer, where they focus on performance and getting the job done.