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Choppies completed its secondary listing on the Johannesburg Stock Exchange on Wednesday as it seeks to raise $48 million on the South African bourse for expansion in East and Southern Africa.

Choppies which is primarily listed on the Botswana Stock Exchange operates 18 outlets in Zimbabwe and is targeting 50 shops in the near future. The Botswana based retailer already has 125 stores, including 35 in South Africa.

Choppies CE Ramachandran Ottaphu highlighted that the listing on the JSE will expose the company to the capital that it needs to support and expand its presence the continent.

“Our proven business model, knowledge of the market and exciting economic fundamentals clearly show Choppies is ideally placed to grow its market share across Africa as shoppers turn to branded convenience in ever-growing numbers,” he added.

Mr Ottapathu said the grocer will be opening its first stores in Zambia and Tanzania before the end of this year.

“We are well positioned to expand our footprint to 200 stores in six countries by the end of calendar year 2016. The listing will also enhance our public profile in South Africa, where we continue to expand,” he added.

Choppies surged on its stock market debut in Johannesburg as investors piled into the grocer that has laid down an aggressive expansion plan.

Choppies, rose to as high as R5,50, well above a R4,90 offer price prior to the listing. The company’s stock closed the day 10,2 percent higher at R5,40, giving the company market capitalisation of R7 billion. – Wires.