Omni Industries latest IPO

Omni Industries Limited and existing shareholders will offer up to 500 million ordinary shares to the public with the offer opening Friday May 17, with Friday, May 31 being the scheduled closing.
Half of the total issue or 250 million shares are new with an equal number to be sold by existing shareholders, bringing the total issued shares to 2.5 billion units and the shareholders’ equity capital to over $900 million.
Profit before tax was $180 million for 2023, up from $174 million in 2022 and $121 million in 2021. The first quarter interim results to March this year, show flat revenues and slightly lower profits at $103 million pretax versus $123 million in 2023. The earnings come out at 8 cents per share based on 2023 figures, putting the PE at just over 12, a shade below the junior Market average of 12 3 and an indication of minimal upside in the short run.
At least 120,931,383 participating ordinary shares are available for subscription by the public and up to 379,068,617 shares are for Reserve Share Applicants.
The company is based in Spanish Town the principal activities are the manufacturing and sale of PVC pipes, conduits, horses, fittings and plastic warehouse items.
The stock is slated for the Junior Market of the Jamaica Stock Exchange and if listed will partially restore the total listings on that market but only to 47, after three companies migrated to the main Market this year.
NCB Capital Markets is the brokers for the issue.

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