Barita upsizes to JM$13.5 billion in additional public offer

Barita Investments Limited (BIL) indicates that the company will issue 260,599,830 shares as it upsizes its additional public offer (APO) to JM$13.5 billion.

The offer for up to 173,733,220 new ordinary shares closed on Wednesday, September 16. The invitation has been oversubscribed.

Subject to the prospectus dated July 30th, the company has exercised its right, to “upsize” the APO.
The company aimed to raise capital between $9 billion and $13.5 billion.

The prospectus included the ability to upsize by inviting offers for an additional 86,866,610 shares in the capital of company.

The offer ranged between $49 per unit for small investors, through $49.75 for Hotel workers, Farmers and Civil Servants, to $52 per share for Cornerstone Investors, Barita clients and investors in Key.

Proceeds of the APO, the prospectus said, will be used to increase the company’s investment banking underwriting capacity and to upgrade the technology platform to a global platform.

The company is also seeking to seed new managed funds and expand the product offerings. It is additionally seeking retail footprint expansion, locally and regionally.

The new funds, it was also indicated in the prospectus, will be used for working capital support to “develop talent, brand and operating capacity to accommodate the existing growth trajectory.”

The company is expected to disclose the basis of allotment this week.