HomeResearch & Knowledgeback to HomeFinanceback to Research & KnowledgeWiphold (B): Institutionalizing (Abridged)back to Finance

Case Study

Wiphold (B): Institutionalizing (Abridged)

By Benoit F. Leleux and Hischam El-Agamy

9 pages

July 2005

Order this case study

Reference: IMD-1-0231

This is an abridged version of the B-case which takes up the WIPHOLD story post-IPO, from April 1997 to April 1998. Flush with the success of its IPO, in which it raised R23 million, WIPHOLD was ready to move on to bigger and better things. The founders were keen to rid themselves of the debt accumulated from participating in some early deals and the strings attached to these bank financings. WIPHOLD was also increasingly gaining access to bigger deals and needed more money to fund them. In an environment of rising “black chips,” WIPHOLD was attracting increasing institutional interest and was confident of its ability to raise more funds. This time, it set itself an even more ambitious target: It would attempt to raise 20 times more than it had raised at IPO, in a private placement with its original women investors and various institutions. But the institutional money came with a price attached–a public listing within six months of placement. Was WIPHOLD ready for the public market now?

Keywords

Private Equity, Economic Empowerment, Black Economic Empowerment, Post-apartheid, Social Entrepreneurship, Development Finance, Financial Services

Settings

South Africa
1997-1998

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

This case study is part of a series

2005 EFMD AWARD WINNER (Managerial Issues in Transitory Economies)

This case study is part of a series

Keep reading

Article

Should we really ‘fake it until we make it’?

The phrase ‘fake it until you make it’ has been a popular mantra in the business world for decades. It suggests that by imitating confidence and competence, we can eventually achieve genuine success. But where did this concept originate, and what ...

Leadership Diversity and Equity and Inclusion

By Ginka Toegel

in Chartered Management Institute blog

26 August 2025

Article

LGBTQ+ Inclusion Still Drives Economic Performance

Despite declining support, LGBTQ+ inclusion still drives economic performance, boosting human capital by 4x and doubling innovation in inclusive cities.

Diversity and Equity and Inclusion

By Francesca Annalisa Petrella, Fernando Alonso Pérez-Chao and Luca Condosta

in I by IMD

Book Chapter

Grand challenges, decoloniality and management scholarship

The world faces grand challenges induced by climate change, conflict, digitalization, shifting demographics, and other factors. Only 15% of the UN Sustainable Development Goals (SDGs) are on track (UN, 2023). There has been significant research in...

Diversity and Equity and Inclusion Sustainability

By Jess Auerbach Jahajeeah, Ali Aslan Gümüsay, Esther Salvi, Georg von Richthofen and Lehlohonolo Kekana

in Fohim, Emamdeen (Ed.) / Decolonizing management and organization studies: Why, how and what / Leeds: Emerald Group Publishing Limited, 2025

Article

Mercuria - A Vision for Navigating Volatility

Guillaume Vermersch, CFO of Mercuria, shares how strategic agility, tech, and sustainability shape modern finance in global energy and commodities trading.

Finance Leadership Strategy Sustainability Technology Management

in I by IMD

Article

Navigating disruption: The CFO role in a volatile world

Stephan Jansma, CFO at Trafigura, shares how today’s finance leaders must navigate global disruptions, manage liquidity in high-volatility markets

Change Management Decision Making Finance

in I by IMD

Article

Knowledge Scientists - Optimize AI

Knowledge scientists may be the key to unlocking AI's full value, offering transparency and structure that data scientists alone can't provide, says IMD’s Tomoko Yokoi.

Data Analytics Finance Technology Management

By Tomoko Yokoi

in I by IMD

Article

Predicting returns of listed private equity

We examine the predictive power of the net asset value (NAV)/price ratio for the LPX50 index, a key benchmark in the field of listed private equity, using monthly data from 2002 to 2024. A risk factor model reveals the index’s significant exposure...

Finance

By Arthur Enders, Michel Degosciu, Karl Schmedders and Maximilian Ulrich Werner

in Journal of Portfolio Management

August 2025, vol. 51, no. 9, https://doi.org/10.3905/jpm.2025.1.736

Article

De-Conglomeration Trend - CFOs

CFOs are leading the de-conglomeration trend, using strategic breakups to unlock value and boost agility in today’s fast-moving business landscape

Agility Corporate Governance Finance Leadership Strategy Sustainability

By Salvatore Cantale

in I by IMD

Article

Hong Kong must spread its wings and look beyond mainland Chinese IPOs

Hong Kong might be back on top of the global intial public offering (IPO) tables, but too many of its listings are Chinese. If the city wants to re-establish itself as Asia’s financial hub, it needs to be more than a conduit for mainland capital. ...

Finance

By Arturo Bris

in South China Morning Post

21 July 2025

Article

Diversity In Leadership - Reinforcing Values

True transformation comes from embedding diversity in leadership values, not compliance. Leaders must foster safe spaces and model vulnerability.

Diversity and Equity and Inclusion

By Silke Mischke

in I by IMD

Should we really ‘fake it until we make it’?

By Ginka Toegel
in Chartered Management Institute blog 26 August 2025

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Diversity and Equity and Inclusion

Browse all topics

Grand challenges, decoloniality and management scholarship

By Jess Auerbach Jahajeeah Ali Aslan Gümüsay Esther Salvi Georg von Richthofen and Lehlohonolo Kekana
in Fohim, Emamdeen (Ed.) / Decolonizing management and organization studies: Why, how and what / Leeds: Emerald Group Publishing Limited, 2025

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Diversity and Equity and Inclusion

Sustainability

Browse all topics

Mercuria - A Vision for Navigating Volatility

in I by IMD

Summary

Guillaume Vermersch, CFO of Mercuria, shares how strategic agility, tech, and sustainability shape modern finance in global energy and commodities trading.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Finance

Leadership

Strategy

Sustainability

Technology Management

Browse all topics

Navigating disruption: The CFO role in a volatile world

in I by IMD

Summary

Stephan Jansma, CFO at Trafigura, shares how today’s finance leaders must navigate global disruptions, manage liquidity in high-volatility markets

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Change Management

Decision Making

Finance

Browse all topics

Knowledge Scientists - Optimize AI

By Tomoko Yokoi
in I by IMD

Summary

Knowledge scientists may be the key to unlocking AI's full value, offering transparency and structure that data scientists alone can't provide, says IMD’s Tomoko Yokoi.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Data Analytics

Finance

Technology Management

Browse all topics