South African retailer Steinhoff proposed a rights issue of 350 million shares on Wednesday, and launched an accelerated bookbuild which three sources close to the deal said was priced at a range of R51-55 a share. The accelerated bookbuild, which will determine the rights issue price, could value the offering at up to R19.25 billion at a price of R55 each. Half of the company's existing shareholders have agreed to renounce their rights in order to allow the company to raise international funds in preparation for a Frankfurt listing, Steinhoff said.