CPJ share allotment
Published:Wednesday | July 13, 2011 | 12:00 AM
More than 1,300 investors went after shares in the Caribbean Producers Jamaica initial public offering, Mayberry said Tuesday as it announced the allotment of shares on subscriptions amounting to five times the volume on offer.
Persons bidding for up to 75,000 shares will receive their full allotment; while subscriptions above that level will receive a proportion of the shares applied for. Mayberry did not specify the formula for the partial allotment.
Key partners of the company will receive full allotments on subscriptions up to 5 million shares, and a proportion of shares above that level.
"All applicants will receive a formal letter advising them of their respective allotment of shares in the company in due course, on or before July 31, 2011," the broker said.
The 1,339 applications amounted to subscription of 1.2 billion shares valued at J$2.4 billion.
The CPJ IPO was priced to raise just J$426 million from 220 million share units to the public and key partners of the distribution company.
Applications from board members and staff have been fully satisfied, Mayberry said.