Jamaica Stock Exchange launches short IPO

The Jamaica Stock Exchange (JSE) is looking to raise J$107.8 million (US$1,070,001.24) to retire debt and offer new services, according to its prospectus for an initial public offering (IPO) of its ordinary shares

The public would own over 19 percent of the company in a fully subscribed offer, translating to 27.4 million public shares at J$2.85 (US$0.028) per unit.

Additionally 3.8 million staff reserved shares are on offer at J$2.55 (US$0.025), while a final tranche of 7.01 million shares is available to the lead broker Stocks & Securities Limited at J$2.85 (US$0.028).

The Jamaica Stock Exchange is owned by its member dealers. Each broker holds about 9.0 percent interest, which will dilute to 7.2 percent following the listing.

The IPO is open to subscription from July 5-9.

Read more: Jamaica Gleaner