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Jamaica’s FirstRock Capital upsizes allotment of shares

Dolla Financial's new chairman, Ryan Reid

Sagicor Investments Jamaica Limited, the lead broker for FirstRock Capital Holdings’ initial public offer (IPO), has advised that the 119,903,250 ordinary shares have been fully allotted.

The allotment of shares includes those reserved for key strategic partners and FirstRock affiliates, as well as a pool for the general public.

“The offer, made subject to the prospectus of First Rock Capital Holdings Limited, dated December 5, 2019,  closed on January 31, 2020.  A total of 2,501 applications totalling 119,903,250 units were received — 81,650,250 units for the Class A ordinary shares and 38,253,000 units for the Class B ordinary shares,” the company shared in a notice on the Jamaica Stock Exchange’s website.”

The broker also advised that FirstRock exercised its right, as laid out in the prospectus, to upsize the offer of Class A ordinary shares.

“Further to an over-subscription in the Class A ordinary shares, the prospectus outlines the company’s right to upsize. The company upsized the Class A ordinary shares by approximately 160 per cent to 81,650, 250 ordinary shares,” Sagicor noted.

FirstRock Capital shares will be listed on the Jamaica Stock Exchange Main Market and USD Market (Photo: Caribbean National Weekly)

FirstRock opened the IPO on January 13, 2020, with the offer of 106,083,332 ordinary shares for US$0.16 or its equivalent. The shares will be listed on both the JSE’s Main Market and USD-denominated market.