By Nqobile Dludla JOHANNESBURG (Reuters) -South African retailer Pick n Pay, which is listing its discount grocery chain Boxer in Johannesburg through an initial public offering, said on Monday that the base size of the IPO would be towards the upper end of its guidance.

Pick n Pay Stores Ltd. said it will list its low-cost Boxer business on the Johannesburg bourse by the end of the year and that the South African grocer will raise as much as 8 billion rand ($452 million) in the process,

Pick n Pay's discount retail division Boxer is heading for a landmark JSE listing, targeting up to R8bn in capital raising. The move comes as Pick n Pay navigates financial headwinds, with Boxer's strong performance offering a bright spot in the group's transformation strategy.

JOHANNESBURG (Reuters) -South African retailer Pick n Pay, which is listing its discount grocery chain Boxer in Johannesburg through an initial public offering (IPO), said on Monday that the base size of the IPO would be towards the upper end of its guidance.

Pick n Pay is going through a great ‘store reset’ – which is leading to some significant closures, but also big changes for the stores that remain.