The initial public offering (IPO) of shares in Caribbean Producers Jamaica (CPJ) was oversubscribed and closed a minute after subscriptions opened Friday morning.
Mayberry Investments Limited, lead broker in the application in the proposed admission of CPJ to the Junior Market of the Jamaica Stock Exchange, stated in a press release that the IPO was closed at 9:01 am having received applications in excess of the amount on offer of $426 million. Mayberry said investors applied for in excess of $2-billion worth of the stock. Mayberry said it will advise of the preliminary basis of allotment by July 13, 2011.
CPJ, which was founded by chairman Mark Hart and chief executive officer Thomas Tyler, services the hospitality industry and general retail market as an integrated food service distributor. Its market and product divisions include food and dry goods, wines, beer and spirits, ready to drink beverage systems, chemicals, eggs and CPJ Market.