Over 1,000 applicants push FosRich IPO over

Mark Croskery Managing director of Stocks & Securities brokers fro teh IPO speaking to Cecil Foster, Managing director of FosRich.

Stocks and Securities advised the Jamaica Stock Exchange that the “Invitation for Subscription” in the Initial Public Offering for FosRich Company Limited is “Now Oversubscribed and Closed”. The Offer closed at 9:01 am today after its official opening this morning.
Reports reaching IC Insider.com is that applications for the issue exceeds 1,000, with more than $350 million accounted for so far, with the full amount still be counted up to late Monday evening.
The company went to market to raise $200 million from sale of just over 100 million shares at $2 each. The general public were allocated just 10,070,111 units, Stocks and Securities, brokers for the IPO was allocated 50 million units and key partners and staff shares has 40,385,000 allocated to them. At this stage it is unknown if any shares from the reserves allocations were not taken up and therefore became available to boost the minuscule amount allocated for the general public. If the general pool is not boosted by much than the general public will end up only a very small sum.
FosRich is one of five IPO issues coming to market in December as VM Investments announced their issue and released the prospectus to sell 300 million shares up to $2.45 each and Elite Diagnostics is expected to issue their prospectus this week, while Wisynco and GWest both officially opens for subscription this week.

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