CREATIVE training institute, iCreate Limited successfully closed its initial public offering (IPO) for the issue of 74,062,500 ordinary shares, a day after opening to the market.

The offer, which opened on Thursday, January 31, 2019, was originally scheduled to close on February 14, 2019, but closed on February 1 after an overwhelming response from Jamaican investors. The demand for shares exceeded iCreate’s target of $70 million.

The funds raised will be used to acquire additional equipment, computers, and software to deliver courses for the institution. A subsidiary of eMedia Interactive, iCreate also wants to expand its infrastructure to include additional computer labs, training rooms and workshop space in Kingston and Montego Bay.

Additionally, founder and CEO of the institution Tyrone Wilson plans on implementing new training courses such as certified professional diplomas, bachelor’s degrees and offer corporate training and also wants to expand iCreate’s footprint into the regional and international markets.

“I am extremely pleased that the investors chose to support iCreate’s IPO at this time; it is a major accomplishment for the company, and this feat will accelerate our vision of developing our regional creative economy,” Wilson said in celebrating the achievement.

Lead arranger and lead broker, Sagicor Investments Limited was pleased to have successfully closed the transaction. GK Capital Management Limited was the co-broker on the transaction.

“Sagicor Investments is happy to have been able to aid iCreate in their quest for expansion. We are in full support of the work they are doing in the region and are pleased that the Jamaican investors believed and bought into the vision of this company,” Assistant Vice- President of Capital Markets at Sagicor Investments Mischa McLeod-Hines said.

“This IPO is another example of Sagicor Investments’ commitment to developing the economic capacity of the country while providing its citizens with the means to create, grow and preserve their wealth,” she continued.