African Rainbow Capital Ltd., a South African financial-services firm started by Patrice Motsepe, the richest black South African, plans to raise more than 3 billion rand ($234 million) in an initial public offering of its investment-holding unit, according to people familiar with the matter.

According to Bloomberg report, ARC, as it’s known, will fold its non-financial services assets into the company and list the unit’s stock on the Johannesburg Stock Exchange, the people said, asking not to be named because the plans are private. The share sale, scheduled to take place by the end of September, may even raise as much as 5 billion rand, they said.

The JSE placement may be followed by a secondary listing on A2X Markets (Pty) Ltd., a new exchange part owned by ARC and due to start operating later this year in Johannesburg, two of the people said. ARC also plans to increase its stake in A2X to 25 percent from 20 percent, they said. African Rainbow co-Chief Executive Officer Johan van Zyl declined to comment.

Motsepe, 55, started ARC in April last year with access to as much as 17 billion rand in capital and a view to build interests spanning everything from life insurance and healthcare services and administration to money management and banking. Motsepe, with a net worth of $1.8 billion according to the Bloomberg Billionaires Index, is pushing efforts to spread the country’s wealth more equally between the black majority and the white minority, who still own most of the economy 23 years after the end of apartheid.