Stanley Motta Limited on Friday successfully raised $4 billion in equity capital from its initial public offering on the main market of the Jamaica Stock Exchange.

Broker NCB Capital Markets Limited yesterday advised that the invitation for subscription ,which was scheduled to run July 6-20 at the price of $5.31 per ordinary share closed approximately 9:00 am on Friday, July 20.

“We have been very happy with the successful execution of the IPO by NCB Capital Markets. We appreciate the confidence that has been placed in us by our new shareholders, and we look forward to realising a good return for them on their investment,” Chairman of the company Melanie Subratie said in an emailed response to queries from the Jamaica Observer.

“Stanley Motta’s immediate next steps are to ensure that 58 HWT becomes the best place to work in Jamaica, and that we provide a high standard facility for our tenants,” she continued.

The company, which comprises an all-woman board of directors, offered investors ownership in a business process outsourcing and technology park consisting of five buildings totalling more than 200,000 square feet of rentable commercial office space at 58 Half-Way-Tree Road in Kingston, Jamaica.

In addition, investors would participate in the capital appreciation of the property and income from its triple-net, United States dollar-denominated leases. As a sweetener to investors, Stanley Motta has also opened discussions around the expansion of the General Accident building, along with use of the complex for residential purposes.

Of the 757,818,862 ordinary shares offered for sale, 70 per cent, or 529,970,315 shares, was offered to the general public; while 227,348,547 shares were reserved for Stony Hill Capital Ltd, Caona Investments Ltd and Perseverance Ltd and another 500,000 reserved for directors of Stanley Motta.

Proceeds from the invitation will be payable to Stanley Motta with selling shareholders, Musson and Harbour Street Properties — a subsidiary of Musson intending to use the proceeds from the sale of the shares for their own purposes.

Stanley Motta was established in 1948 by its founder, Stanley Motta, and for decades, was successfully engaged in the sale and rental of electrical appliances in Jamaica. In 1983, it was acquired by Musson and continued to operate until 1998 following which it became a dormant subsidiary.

In 2015, Musson selected Stanley Motta as the vehicle through which it would develop the 58 HWT project. In 2016 and 2017 Stanley Motta acquired properties located at 58 Half-Way-Tree Road in Kingston from Musson. Today Stanley Motta owns all the properties, either directly or through its own wholly-owned subsidiary, Unity Capital, with the exception of the Great House, which was retained by Musson.