Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup
      • Olympics
      • #
    • Videos
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obits
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup
      • Olympics
      • #
    • Videos
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obits
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
    • International News
  • Latest
  • Business
    • Business Bites
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • Videos
  • Career & Education
  • Classifieds
  • All Woman
  • Environment
  • Webinars
  • More
    • Football
    • Elections
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Design Week
Spur Tree seeks $353m in IPO
Some of Spur Tree Spices seasonings and sauces.
Business
December 22, 2021

Spur Tree seeks $353m in IPO

Spur Tree Spices has released its prospectus, indicating that it intends to sell 20 per cent of its ordinary shares in an initial public offering, starting on December 29, with the aim to raise over $353.3 million. The offer, which values the company at just under $1.7 billion, is scheduled to close on January 19.

The plan is to sell 353.3 million shares at $1 each. However, only 177 million will be available to general public with the rest reserved for GK Investments reserve pool, other key strategic partners including farmers who supply the business and staff of the company, who will get a portion of the shares free.

Spur Tree – a company which specialises in the production of several goods, chiefly seasonings and sauces – outlines that funds raised in the initial public offering will go towards liquidating its debt, paying for the listing and investing in the growth and expansion of the company.

Albert Bailey, CEO of Spur Tree, in commenting on the prospectus, outlines: “We have grown at a steady pace since we started operations 15 years ago and built a strong reputation for delivering high-quality products. The time is right to springboard to our next level of growth. We want to increase our operational capacity, expand our product offering and deepen our sales and marketing reach to further penetrate existing markets and enter new ones. To do this we need additional capital investment, so we are going to the market to raise funds.”

From inception, Spur Tree has focused on exports as its primary source of revenue. Its products are available in Jamaica, the United States, Canada, United Kingdom, Cayman Island, Costa Rica, and Australia through several distributor outlets.

From the prospectus it was gleaned that Spur Tree yielded revenues of more than $700 million last year, which was a 20 per cent increase over the previous year. Most of that revenue, 90 per cent, was generated from export sales. In the eight months to the end of August, Spur Tree showed continued growth, with sales expanding 28 per cent above the prior year out turn.

On its bottom line, the company recorded net profit of $70 million last year, up from $49 million in the previous year.

The push to raise additional capital for expansion comes shortly after Spur Tree acquired Exotic Products Jamaica, an ackee and callaloo packaging factory in St Thomas.

Bailey sees the acquisition as a strategic move to expand the company’s portfolio of products: “Ackee is in high demand in our export markets, so we plan to double production over the next two years. Exotic since acquisition, has recorded a solid $12 million profit before tax for the period ending in September 2021. Alongside our plans to expand our current markets, both locally and overseas, we expect to significantly improve our sales and profit performances in the coming years. This is an exciting opportunity for prospective investors to join in the growth and expansion of the company as we continue to take Jamaican flavours to the world.”

GK Capital is the lead broker and arranger of the offer, which is co-brokered by Sagicor Investments.

Applications for the Spur Tree Spices initial public offering will only be accepted electronically through the Sagicor Investments Jamaica eInvest platform.

Escallion used in seasonings produced by Spur Tree Spices helps tobring out the flavour.
Pepper which forms the base of some of Spur Tree Spices products
Seasonings in one-usepackaging produced by SpurTree Spices
Bailey…We have grown at asteady pace since we startedoperations 15 years ago

{"website":"website"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

Appleton Estate debuts Games Night experience at Hope Gardens
Latest News, News
Appleton Estate debuts Games Night experience at Hope Gardens
July 22, 2026
KINGSTON, Jamaica — Appleton Estate has launched a new experiential marketing initiative, hosting its first-ever Games Night at Hope Gardens in partne...
{"jamaica-observer":"Jamaica Observer"}
‘I just need a chance’: Medical student fights to return to the classroom
Latest News, News
‘I just need a chance’: Medical student fights to return to the classroom
BY BRITTANIA WITTER 
July 22, 2026
KINGSTON, Jamaica — A first-year medical student whose studies were put on hold after she was unable to pay her tuition fees is appealing for public s...
{"jamaica-observer":"Jamaica Observer"}
Forex: $159.52 to one US dollar
Latest News
Forex: $159.52 to one US dollar
July 22, 2026
KINGSTON, Jamaica — The United States (US) dollar on Wednesday, July 22, ended trading at $159.52, down by $1.65, according to Bank of Jamaica’s daily...
{"jamaica-observer":"Jamaica Observer"}
Lady Songbird soaring after ‘Talkin’ Bout Love’ release, eyes Tuff Gong recording
Entertainment, Latest News
Lady Songbird soaring after ‘Talkin’ Bout Love’ release, eyes Tuff Gong recording
July 22, 2026
American reggae singer Lady Songbird is enjoying an encouraging start to her recording career as her debut single, Talkin’ Bout Love , continues to ga...
{"jamaica-observer":"Jamaica Observer"}
87-octane price climbs 37% since January
Latest News, News
87-octane price climbs 37% since January
July 22, 2026
KINGSTON, Jamaica — Petrojam’s billing price for 87-octane gasoline has climbed 37 per cent since the start of the year, with motorists facing another...
{"jamaica-observer":"Jamaica Observer"}
US trial of Venezuela’s Maduro set for June 2027
International News, Latest News
US trial of Venezuela’s Maduro set for June 2027
July 22, 2026
NEW YORK, United States (AFP)—Venezuela's ousted president Nicolas Maduro and his wife will go on trial in the United States in June 2027, a court rul...
{"jamaica-observer":"Jamaica Observer"}
CPFSA expresses horror over brutal killing of 10-y-o girl in Trelawny
Latest News, News
CPFSA expresses horror over brutal killing of 10-y-o girl in Trelawny
July 22, 2026
KINGSTON, Jamaica — The Child Protection and Family Services Agency (CPFSA) says it is horrified and deeply saddened by the tragic murder of 10-year-o...
{"jamaica-observer":"Jamaica Observer"}
Miss 30+ Jamaica Pageant launches new partnership for children with autism
Entertainment, Latest News
Miss 30+ Jamaica Pageant launches new partnership for children with autism
July 22, 2026
KINGSTON, Jamaica — A humanitarian partnership has been formed between Miss 30+ Jamaica contestant Shanakaye Edwards and Harmony for Humanity Foundati...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct