The Jamaica Stock Exchange latest potential listing on junior market, Main Event, pulled in just over 1,000 applications worth $670 million dollars, being 458 percent over subscribed.
The offering which closed on the same day it opened Tuesday January 24, is one with the largest number of applicant and is in line with Caribbean Producers and General Accident both with more than 1,100 applications.
According to Gary Peart, Chief Executive officer of Mayberry Investments, the broker for the deal there were several small applications. The level of over subscription is far worse than meets the eye with 22 million shares available to the wider public, to be split up amongst approximately 900 applicants. That works out at around 25,000 shares for each applicant.
The interest in the shares and the low level of shares that will be allocated to each applicant is going to have an electric impact on the post listing pricing by the market.
Huge interest in Main Event
January 26, 2017 by
