The latest IPO to hit the Jamaican market, Caribbean Cream producers of the Kremi brand of ice cream, was oversubscribed by 1,177 units at the close on May 1, 2013.
The application for listing on the stock exchange is now before them and a decision is expected by Monday after which listing should commence. No listing date as been determined as yet, the broker informed IC Insdier.com, but the view is that trading could commence in the stock towards the end of next week.
A total of 387 applications covering units valued J$75,714,000 were received and processed for this Initial Public Offering (IPO). Of this number, 386 applicants covering 72,713,623 units received 100% of the total allotment requested.
The offer was for the subscription of 75,713,623 ordinary shares at the price of $1.00 per share. Applications in the public pool of up to 2,500,000 shares, received 100% allotment and one applicant over 2,500,000 shares was allocated 2.5 million shares plus approximately 0 .998446% of the excess.
Stock outlook | Investor’s Choice analysts project earnings per share of 17 cents for the year ended February 2013 and 39 cents for the 2014 year. The stock is likely to struggle at the issue price for a while with the less than robust reception to the issue. The annual results should be out soon, which should help the stock price once more financial data is released to the public.
