KINGSTON, Jamaica — Technology firm tTech Ltd, aiming to raise $50.2 million on the Junior Market through an IPO, says the offer, which opened this morning, was three times oversubscribed in one minute.

Using financial adviser and arranger GK Capital Management Limited and lead stockbroker NCB Capital Markets Limited, tTech placed on offer up to 25,652,000 shares, inclusive of the 9,250,000 reserved shares at J$2.50 per share.

tTech offered 15.47 per cent of the company to the public and a further 8.73 per cent of shares for selected applicants including employees.

The stock officially opened at 9:00 am on Wednesday, December 16, and was closed at 9:01 as the offer was oversubscribed by three times.

CEO Edward ‘Teddy’ Alexander said in a company release, “…to be oversubscribed by this amount at opening is truly amazing. We are now in a greater position for growth and equipped with the financial backing to grow our managed IT services, particularly our IT security services.”

The company says its intention is to use the proceeds of the public offering to inject additional working capital into its operations and to “allow it to effectively increase its productive capacity and thereby its service offerings and its ability to take on new business.”

tTech provides outsourced managed IT services which include IT security, infrastructure management, user support, voice solutions and cloud services to business in Jamaica.

The company states that its revenues increased some 80 per cent over five years from $71.3 million to $128.5 million in 2014.

Avia Collinder