The TransJamaican Highway (TJH) listing has been upsized to by an additional two billion shares in an effort to raise an additional J$2.8 billion.
Official notice came via the Jamaica Stock Exchange (JSE), where attorneys-at-Law Patterson Mair Hamilton (PMH), which represents the listing, said it has written to the Financial Services Commission (FSC) to confirm the request.
The notice on the JSE website says the law firm “has advised that the captioned Offer for Sale dated January 31, 2020 contemplated that the Offer there under may have been upsized so that the total raise would become Fourteen Billion, One Hundred Million Jamaican Dollars (J$14,100,000.00).”
Further, PMH said it was instructed by the IPO’s lead arranger, NCB Capital Markets, to “write to the Financial Services Commission to confirm that the Offer will be upsized to provide for the total raise indicated above and that it is contemplated that the Offer will close on March 2, 2020.
“Having regard to the instructions we have received, we now write to provide the above notifications”.
The National Road Operating and Constructing Company Limited (NROCC), TJH’s parent company, initially listed eight billion shares to raise 11.3 billion in the initial public offer (IPO) which began on February 17.
The highway operating company listed shares at $J1.41 or US$0.01 each with an option to upsize the offer by another two billion shares.
If successful, the company will apply to list on the US dollar Main Market of the Jamaica Stock Exchange (JSE) and cross-listing on the J dollar Main Market of the JSE.
NROCC’s revenue totalled US$39.264, an increase of US$0.24 million for the nine-month period ended September 30, 2019 when compared to the same period of the prior year.