Jetcon IPO over the top

Jetcon 03-16Interest in the initial public offer by Jetcon Corporation of 44.5 million shares up to $2.25 each to the public, has attracted much investors’ interest. Officially, the issue was closed at 9.01 am shortly after opening at 9 am on Monday. Applications received up to late Thursday, last week exceeded the amount on offer, information reaching IC Insider.com indicated.
The offer which officially opened on March 14 was slated to close a few days later, on the 17th.
The offer is slated to raise $95.66 million for use by the company to fund the cost of listing and for working capital and expansion purposes. Jetcon started operation 1994 to import used cars from Japan for resale in Jamaica and enjoyed years of successful operation.
In 2015, the company enjoyed a strong 49.9 percent growth in revenues of $523 million up from $349 million in 2014. Revenues since the end of 2015 continued to grow, increasing by 45 percent to the end of February. The company recorded profit before tax of $50.6 million in 2015, with a net profit of $40 million.
Completion of the issue will bring the total number of junior market ordinary share listings to 27 and the total listings to 31 securities, with Iron Rock having successfully completed their public offering, earlier in March and expected to be listed for trading on Tuesday March 15.
Listing on the junior market will cut its tax cost for 5 years but importantly, lead to increased exposure for the company that should redound to the benefit of the company with increased exposure and sales.

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  1. […] Jetcon Corporation coming on the heels of a successful issue of shares to the public that opened on Monday March 14, in respect of 44,500,000 ordinary shares is expected to start trading on Tuesday, March 22. The offer closed shortly after opening on Monday after it was oversubscribed. A total of 256 applications covering $113 million were received. Applications of all reserved shares were fully satisfied while the general public got the first 5,000 Shares applied plus 83.11 percent of the balance. Listing on the junior market will result in no corporate taxes being paid for 5 years from the time of listing. Jetcon reported profit of $50.6 million for the 2015 year and enjoyed 45 percent increased revenues for the first two months of 2016 ahead of the similar period in 2015, accordingly, IC Insider rate the stock Buy Rated. […]

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