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Express Catering seeks $490m from IPO

Thursday, July 06, 2017

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KINGSTON, Jamaica — Jamaican hospitality outfit, Express Catering Limited, is hoping to raise $490 million in an initial public offering on the Jamaica Stock Exchange.

The offer, which runs from July 12 to 19, sees the company inviting applications for the purchase of 327,500,000 ordinary shares. Express Catering plans to sell 327.5 million units of its 1.63 billion ordinary shares. Of that amount, the company has reserved 294.8 million for key partners including its financial advisor, Mayberry. The remainder will be sold to the general public at J$1.50.

Express Catering is a Jamaican company that was formed in 2001 to carry out food and beverage operations at the Sangster International Airport in Montego Bay.

The company, run by Chief Executive Officer Ian Dear, operates a number of branded restaurant outlets under franchise or sub-franchise including Starbucks, Jimmy Buffett's Margaritaville, Quiznos and Nathan's Hot Dogs.

According to company prospectus, the proceeds of the invitation will accrue to Margaritaville St Lucia Inc, the holding company of Express Catering Limited, who intends to use the funds to increase the group's overall liquidity.

The proceeds will be used for the improvement and expansion of the Express Catering's operations, for working capital and general corporate purposes.

Karena Bennett

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