Sagicor Select Funds Limited looks to raise $4.0-billion IPO
IN an industry first for Jamaica and the Caribbean region, Sagicor Select Funds Limited (SSFL) Initial Public Offering (IPO) yesterday made its Prospectus available on the Jamaica Stock Exchange and Sagicor Jamaica websites — jamstockex.com and sagicorjamaica.com, respectively.
Sagicor Investments is the lead arranger and lead broker for the IPO which closes on July 17, 2019. The IPO seeks to raise up to $2.5 billion (with a right to upsize by an additional $1.5 billion).
Investors, according to Sagicor, can buy into the Class B ordinary shares at a share price of $1 with the minimum share purchase being 1000.
Sagicor Select Funds is listing one of the classes of ordinary shares – Sagicor Financial Select –a Listed Equity Fund, that will own financial stocks currently trading on the Main and Junior Markets of the Jamaica Stock Exchange (JSE).
Christopher Zacca, president and chief executive officer of Sagicor Group Jamaica said that with this offer Sagicor is opening up new opportunities for its clients and Jamaicans on a whole.
“We thought it only fitting for the Sagicor Financial Select Fund to be the first of the share classes listed as the financial sector has been experiencing significant growth in the market and we want the investing public to tap into this industry which has a combined market cap of approximately $925 billion,” Zacca said while adding that “At Sagicor Investments one of our main objectives is to create, grow and preserve the wealth for all Jamaicans as we continue to build a nation of investors.”
Kevin Donaldson, chief executive officer at Sagicor Investments, explained that the Sagicor Financial Select Fund is expected to track the JSE Financial Index.
“The Financial Index was introduced by the JSE in March of this year as the JSE’s first Sector Index and this fund is a natural progression of the advances in the local capital market over the last couple of years, allowing all investors an opportunity to gain exposure to all listed financial companies with one trade.”
Donaldson noted that prior to this IPO, funds of this nature only existed in international markets.
“Sagicor has brought this innovation for access to all investors and we encourage everyone to ‘own a share’ of the financial industry,” Donaldson said.
