Investors from the general public who bid on Caribbean Producers Jamaica’s (CPJ’s) initial public offering (IPO) will get the first $150,000 worth of shares but will have to take a small fraction of the amount of shares they bid on in excess of 75,000 stock units.
Yesterday, Mayberry Investments Limited (MIL), lead broker in the application for admission of CPJ to the Junior Market of the Jamaica Stock Exchange (JSE), said that applicants from the general public who bid on the 142.6 million shares offered at $2 a share would get the first 75,000 shares but the rest would be distributed “proportionately”.
MIL received 1,339 applications for 1.2 billion shares valued at approximately $2.4 billion, while the prospectus called for bids on 220 million shares with the aim of raising $432 million for expansion plans.
The remaining 77.4 million shares were reserved for staff, board members and key partners of the company.
Employees and board members will get the full amount they applied for while the key partners will see the first five million shares applied for satisfied.
MIL in its press statement issued yesterday added that: “For applicants who are not MIL clients, refund cheques will be prepared and can be collected from 1 1/2 Oxford Road, Kingston 5, during normal business hours commencing July 31, 2011. For Applicants who are MIL clients, refund amounts will be credited to their respective accounts also commencing July 31, 2011.”