The JMMB Group Ltd’s additional public offer of ordinary shares was oversubscribed by 92.5 per cent.
The additional public offer was closed on November 7, four days earlier than planned.
In seeking to raise approximately J$12.4 billion, the company—in its disclosure to the respective regulators the Jamaica Stock Exchange (JSE) and the T&T Stock Exchange (TTSE)—outlined that applications valued at J$19.05 billion was received from investors in its public offer in Jamaica and T&T; making this the largest public offer of ordinary shares in Jamaica. The directors exercised the option to upsize the invitation to 325,000,000 new ordinary shares.
Keith Duncan, JMMB Group CEO, said, “We are heartened by the overwhelming confidence that investors have shown in us by participating in our additional share offer. This take-up underscores the confidence that investors have in JMMB Group’s ability to execute on its strategy and its commitment to rolling out its growth and expansion plans, over the medium-term.
“We are especially pleased by the noteworthy response from investors in T&T, applying for the T&T-dollar equivalent of over J$3 billion. This speaks to the strength of the JMMB brand and its ability to resonate with investors, whether large or small, irrespective of country. We look forward to building out our vision, which is built on love, as we partner with our various stakeholders and add shareholder value,” Duncan said.
Key investors were allocated their full subscription amount, within the reserved pool for this category, as set out in the prospectus. All other investors, both small and large including team members and current shareholders, will receive up to the first 3,000 new ordinary shares. Applications in excess of 3,000 new ordinary shares will then be filled in a similar fashion in increments of 1,000 new ordinary shares, until all applications are met or all the new ordinary shares are allocated.
Refunds will be provided to investors in instances where applicants have not received their full allotment.
JMMB Group will also apply to list the additional share offer on the JSE and TTSE before the end of November, at which point, those shares can be traded on the respective stock exchanges.