SA dagga firm Cilo Cybin says its IPO closed in record time

Medicinal cannabis group Cilo Cybin said on Tuesday it managed to close its initial public offering within record time, raising about R7.1 million or 10% of shares, within a week.

The group opened its IPO on 14 March, expecting it to close on 12 April, but it said it "experienced an unprecedented response," leading to oversubscription and its early closure.

A listing date is yet to be announced, but the group has previously said it is eyeing April or May to join the bourse as a special purpose acquisition company (SPAC).