Business

Elite IPO oversubscribed 8 times over

Sunday, February 11, 2018

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Elite Diagnostic Limited's Initial Public Offering (IPO) closed successfully on Monday February 5, 2018 and was oversubscribed eight times over, according to a news release on Friday.

The $141-million IPO of 70.68 million shares received 3,346 applications totalling more than $1.2 billion, of which $47.44 million represented applications from the reserved pool of applicants.

From the general pool, a total of 3,257 applications for shares were received. The first 15,000 units were allocated 100 per cent; and the balance in excess of 15,000 units was allocated 3.383 per cent.

Elite has since notified its shareholders of its subscription closure and expects to announce its listing date later this month. This will make the diagnostic and imaging company the second medical entity to list on the Junior Market.

Herbert Hall, assistant vice-president, investment banking at NCB Capital Markets (NCBCM), noted that Elite offered an ideal opportunity for industry diversification for investors who desire a portfolio spread across multiple industries slated for growth.

Mischa McLeod-Hines, manager of corporate finance at Sagicor Investments said, “We are pleased with the outcome of the IPO. The confidence that the market has in Elite's profitability was demonstrated by the high level of investor take-up of the offer, which resulted in the offer being closed on the same day it opened.”

NCB Capital Markets and Sagicor Investments were co-lead brokers and financial advisors for the IPO.

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