South African scaffolding company Waco International today began pre-marketing for its $470m (€390m) flotation, which is likely to be the country's third-largest to date and the biggest on the Johannesburg Stock Exchange for over two-and-a-half years.

UBS is leading the float of between 75% to 80% of Waco, with the company expected to raise about $70m through the sale of new shares.