FosRich Company Ltd, a local distributor of lighting, electrical and solar energy products, has released their prospectus for their impending IPO, set to be open for subscription on December 4 and which officially closes on December 11.

Approximately 20 per cent of the company will be made public, equivalent to 100,455,111 shares, with share value being $2.00 per share.

The company plans to expand capacity, especially its industrial electrical and energy solutions division.

The company has supplied wholesale clients with lighting and electrical products for over 20 years. Most recently they launched their industrial electrical division, with its flagship branch located in Kingston.

In attendance at the launch were representatives of top international electronic brands such as Phillips Lighting, Nexans and Seimens. It was also announced that FosRich has now signed perpetual partnerships with the aforementioned companies.

“By forming strong relationships with our international partners, it makes the procurement process and access to crucial products for the industrial market easier,” said Cecil Foster, managing director of FosRich. Arising from this, will be the training and employment of 10 to 15 local technicians and specialists, internationally trained and equipped to assist the local construction market with modern technical requests by the second quarter of 2018.

The selected lead broker on the deal is Stocks and Securities Limited (SSL). SSL’s CEO, Mark Croskery who believes that the investment market is currently well suited for developing entities to go public said: “FosRich is the first electrical entity in Jamaica to offer shares to the public. As the economy continues along a growth trajectory, companies in the construction and conglomerate may produce more. We are optimistic that there will be more demand of companies like FosRich to supply modern, industrial inventory and services.”

— Hanniffa Patterson