ISP Finance Services IPO succeeds
KINGSTON, Jamaica — Victoria Mutual (VM) Wealth Management Limited, broker for the offer made by micro-financing company ISP Finance Services Limited, yesterday said that the IPO was oversubscribed and closed one minute after opening on March 21.
VM Wealth Management said the basis of allotment will be disclosed later.
ISP Finance Services Limited sought to raise J$97.97 million in total from sale of 48,982,500 shares offered at a price of J$2.00 each.
Of the number 45,900,000, were reserved for directors and employees of the company — also at the same price — but the prospectus indicated that these would become publicly available if not taken up.
The offer was due to close on March 24.
ISP said in its prospectus it would use the proceeds of the IPO principally to pay down debt. Started in 2007 and run by CEO Dennis Smith and family, ISP targets short term micro and small loans to businesses and employed individuals.
The company is slated for listing on the Junior Market of the Jamaica Stock Exchange, if it secures the Exchanges approval.
Avia Collinder