Spur Tree IPO basis of allotment announced
Published:Thursday | January 6, 2022 | 6:01 PM
Following the oversubscription of the initial public offer (IPO) of shares in food manufacturer Spur Tree Spices, the allocation of shares for the general public will be limited.
In a just-issued final basis of allotment bulletin, Spur Tree says applicants in the staff reserve pool will get 100 per cent of their applications, with the balance not applied for to be transferred to the key partner reserve pool.
Both the key partner and the GK Investments reserve pools will also get their full allocations.
The general public pool will see applicants receive up to the first 10,000 shares applied for, with the balance pro-rated at 11.76 of the remaining portion.
Spur Tree Spices is expected to apply for listing on the Junior Market of the Jamaica Stock Exchange.
The Spur Tree IPO opened on set December 29, 2021.
The company was seeking to raise over $335.39 million by offering 335,391,848 ordinary shares at a price of $1.00.
The offer, which was set to close on or before January 19, 2022, ended early on December 31, 2021, with talk of an oversubscription of three times the IPO amount.
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