Sagicor Select Funds Limited initial public offering (IPO) closed yesterday, with initial indications showing that its Sagicor Financial Select Fund IPO has more than 13,000 applications.

The IPO, which was oversubscribed, opened on July 3 seeking to raise $2.5 billion, with a right to upsize by an additional $1.5 billion.

Shares for purchase were available in the Class B ordinary shares and were offered at a per share price of $1, with a minimum purchase price of $1000.

Sagicor Investments was the lead broker and lead arranger for the IPO.

“By all indications the IPO was a huge success, and we are humbled by the overwhelming response of the Jamaican people as we seek to bring solutions to enable them to create, grow and preserve their wealth,” said Kevin Donaldson, CEO, Sagicor Investments via news release.

The Sagicor Financial Select Funds is a listed equity fund (LEF) and the first of its kind in Jamaica and the Caribbean. It will be traded on the main and junior markets of the Jamaica Stock Exchange (JSE) and will track the performance of the newly formed JSE Financial Index.

The index comprises 23 stocks, inclusive of financial, insurance and microfinancing companies, on the main and junior markets.

“This is the first of many innovations that we will bring to the market,” Sagicor said via the release, adding “in the coming months we will seek to bring more firsts to the market.”

As an LEF, the Sagicor Financial Select Fund will provide investors with the opportunity to benefit from investing in a pool of assets from a range of financial companies on the JSE. This lends itself immediately to diversification for investors.