(Bloomberg) -- Premier Group Ltd. rose from its listing price as the company, which makes South African staples such as Blue Ribbon bread and Snowflake flour, started trading on Johannesburg’s stock exchange Friday.

The stock climbed 11% from the listing price to 60 rand as of 9:12 a.m. in the city, valuing the food company at about 12.3 billion rand ($680 million).

At listing, billionaire Christo Wiese holds about 31% of Premier, with investment firm Brait Plc having raised 3.6 billion rand through the placement of 66.9 million shares.  

One of South Africa’s oldest companies, Premier last traded publicly 17 years ago. Brait initially called off plans for the most recent offering in December, citing market turmoil surrounding the uncertain future of President Cyril Ramaphosa at the time. Still, interested investors asked Brait to reconsider the move this year, the group said.

Wiese is also Brait’s largest shareholder.

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