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Endeavour Holdings Ltd opens IPO in Trinidad

Real estate investment company Endeavour Holdings Limited (EHL) is aiming to raise TT$17,996,800 through an initial public offering (IPO) of 1,439,744 shares to be listed on the Trinidad and Tobago Stock Exchange Small & Medium Enterprise Market.

A SuprPharm store owened by EHL. (Photo:abel.co.tt)

The shares on offer represent 4.31 per cent of total shares held by EHL.

The IPO opened on October 21, 2019, at 8:00 pm and will close on November 15, 2019, at 4:00 pm. Investors can purchase a minimum of a single share at a unit price of TT$12.50, and EHL will allocate shares in blocks of a single share.

“The net proceeds … shall be used by EHL to fund its working capital requirements over a period of six months.”

According to the EHL’s prospectus, the company was incorporated in March 2001, with its principal registered office located at No. 1 El Socorro Extension Road in San Juan, Trinidad and Tobago.

As a real estate investor, the company is engaged in identifying, acquiring and developing real estate in Trinidad and Tobago. To this end, “EHL’s focus is on creating market-shaping projects that build value for tenants, partners and the communities, and optimising return to its shareholders”, the prospectus outlined.

EHL currently owns and manages nine commercial properties, including several Superpharm and Price Plaza locations, with a total market value of TT$831.5 million based on recent valuations performed by independent valuers.

A view of Price Plaza North in Chaguanas, Trinidad and Tobago.
(Photo: https://www.thebuildingsource.com)

“The net proceeds of the IPO, being derived from the sale of the Offered Shares on the SME market less transaction expenses as outlined above, are expected to amount to a total sum of $17.18 million. Such proceeds shall be used by EHL to fund its working capital requirements over a period of six months,” the prospectus further outlined.

Looking at EHL’s financials, the company reported profit after tax in the amount TT$53,638,407 for 2018, or 15 per cent more than what was reported in 2017. This resulted in earning per share improving from TT$1.12 in 2017 to TT$1.30 in 2018.

CinemaOne Ltd, operator of IMAX Trinidad and Gemstone, is currently the only company listed on the SME market.