Mayberry details Lasco IPO share allocation
Published:Friday | October 1, 2010 | 12:00 AM
Subscribers to the Lasco Financial Services initial public offering are guaranteed full allocations up to 50,000 shares, but beyond that number will only obtain a portion of the amounts applied for, lead broker Mayberry Investments Limited (MIL) has said.
The J$2.50-per-share offer was meant to raise J$59 million, but was oversubscribed by more than J$16 million.
In a press release on Wednesday, Mayberry advised that 442 investors applied for approximately 31.1 million shares, valued at J$75.4 million, though only 24.5 million shares were on offer.
All applications up to 50,000, shares will be fully allotted, said Mayberry, but those in excess will be allocated on a proportional basis to 60.85 per cent.
Refunds will be finalised and available by today for investors who did not receive full allocation.
For clients of JN Fund Managers Limited and Mayberry Investments, refunds will be credited to their respective accounts, while all other investors may collect their cheques at either of the two companies.
Along with Lasco Financial Services, two other of Lasco's four companies, which were restructured down from a group of eight affiliated limited liability companies, will be listed on the Junior Stock Exchange.
Lasco Distribution and Lasco Manufacturing were targeted to raise up to $190 million and $230 million, respectively.
The allocation of shares for the latter two are still to be finalised.
Together, all three companies offered over 269.2 million shares to the market, which was oversubscribed in three minutes after the offer opened on September 15.