The public share offer by Atlantic Hardware & Plumbing was oversubscribed and closed as scheduled, on March 13 but was not enthusiastically received. The effective oversubscription amounts to just under 13 percent and will result in the stock struggling to retain its value when listed.
Only 500 million shares were offered at $1 each of which just 100 million units were earmarked for the general public. Applications for all reserved shares have been fully allotted. The General Public pool was oversubscribed and applicants will be allotted the first 100,000 shares applied for and 64.48 percent of the balance, JMMB Securities, the brokers for the issue stated in a release on Friday.
The shares are expected to be listed and begin trading on the Jamaica Stock Exchange Junior Market by April 4, the JMMB Securities release stated.