The B-case 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?
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