Sagicor Real Estate X Fund, the initial public offer (IPO) of shares which started on September 24 is reported to be oversubscribed and closed on October 18, 2013, the scheduled closing date. The shares are to be listed on the Jamaica Stock Exchange.
The issue was for a minimum of 200 million shares with a maximum of 500,000,000 shares available for subscription in the IPO at a price of $5 each. It is unclear if the oversubscription is for the minimum amount or the initial maximum amount but the company spoke of overwhelming support for the issue.
The terms of the issue allow “removes” for more shares to be issued in the event that applications are received for more shares than available for subscription and sale in order to satisfy all or part of the applications in excess of the 500,000,000 shares, but not exceeding a further 750,000,000 shares.
Sagicor Jamaica and PIF have indicated that they jointly intend to exercise their options to buy shares at the IPO price with a view of holding up to 80% of the issued shares of X FUND.
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[…] Sagicor Real Estate X Fund has been selling significantly above its IPO price of $5 and has since risen by 40 percent to $7, making it one of the better performing stocks on the local stock market since listing. […]