Elite Diagnostics initial Public offering of 70.68 million shares to raise just over $141 million, is said to have been closed at midday on Monday, the new opening date.
The level of subscription is unknown presently as the brokers have to be collecting applications from various locations throughout the country. The issue was delayed due to errors in the prospectus that had to be amended before it could reopen. The shares which were priced at $2 each are expected to list on the Junior Market of the Jamaica Stock Exchange and will enjoy 10 years of tax concession that will result in no corporate taxes in the first 5 years and then for the next 5 years at 50 percent of the normal tax rate. the listing will bring to 35 the number of ordinary share listings on the Junior Market.
IC insider.com projects earnings to just over 25 cents for the current year to June and 35 cents for the next fiscal year.
Elite IPO is now closed
February 5, 2018 by
