Woodcats International invitation for investors to subscribe to purchase 833,333,333 Ordinary Shares, on January 26, was oversubscribed, but only just. The invitation was closed on Wednesday, February 11, but was not enthusiastically gobbled up by investors. The stock was listed on the Junior Market of the Jamaican Stock Exchange on Tuesday, with selling exceeding buying interest. The stock opened trading at 96 cents.
Summary of pre opening bids and offers.
A total of 4,869,953 shares were traded up to a high of $1.04, after which trading was halted for rising more than 15 percent, following 24 minutes of trading.
All applicants in the Employee, Key Partners and Strategic Investors Reserve Pool received the full allotment for all shares applied for. Applications from the public will receive the first 25,000 shares applied for in full, with the excess being allocated 67.66 percent.
The shares were priced at 90 cents at the IPO, with a PE of 11.5 times pretax earnings, compared with a market average of 14, and are set for a torrid period of trading.
In early morning trading on the Jamaica Stock Exchange, the main market rose moderately but the junior market fell moderately.