DEQUITY Capital Management Limited (DCM), a private equity holding company, is seeking to raise $657.50 million (US$4.07 million) in the second initial public offering (IPO) of 2025.

The Kadeen Mairs outfit intends to offer 657.50 million ordinary shares at $1 per share which equates to 25 per cent of the company. The reserved pool will have 263 million ordinary shares reserved for strategic investors while the remaining 394.50 million ordinary shares are for the public. Strategic investors include institutional investors and private equity firms determined by the board of directors along with employees of Dequity’s subsidiaries and associated companies. DCM intends to clear $626 million worth of debt and cover its listing expenses from the proceeds of the raise.

“The funds raised from this offer will be strategically deployed to liquidate existing debt, cover the costs associated with this invitation and listing, and provide some capital for new investment opportunities that align with our core focus,” said DCM Chairman Dr Damien King.

DCM is a St Lucian international business company (IBC) which owns equity stakes in different businesses. Its largest portfolio position is a 20 per cent equity stake in Dolla Financial Services Limited which it valued at US$9.70 million in December 2024. It also owns minor associate stakes in Johnston Development Group Limited, Elite Conceptz and Solutions Limited, Royale Winchester Hospital Group Limited, Mairco Computer Technologies Limited, MDLink Limited, and Pinnacle Insurance Brokers Limited. It also owns 100 per cent of M-TwentyFour Investments Limited and Real Estate Acquisition Limited.

DCM net profit declined 83 per cent from US$5.25 million to US$885,274 as the net change in the net gain of its portfolio companies declined 70 per cent from US$5.24 million to US$1.59 million. DCM gets most of its cash income from dividends paid by Dolla Financial and M-TwentyFour Investments. DCM received US$343,825 in dividends and US$200,780 in interest income during 2024. DCM is managed by Dequity Capital Fund Managers Limited.

DCM’s total assets increased 11 per cent to US$25.83 million with US$19.55 million investments in associates and US$2.53 million investments in subsidiaries in 2024. Total liabilities increased 44 per cent to US$5.59 million with a US$3.86 million senior secured bond. Shareholders equity increased five per cent to US$20.23 million.

“What we want to do at Dequity is have a lighter balance sheet on the liabilities side. What that does on the P&L side of the business is that $80 million we’ve been using year over year to pay interest expense will now be kept in the business,” said CEO Kadeen Mairs on a YouTube appearance on Learn Grow Invest.

Dequity received $62.50 million in June 2022 when it sold Dolla Financial shares when it listed. However, its prospectus stated that it has not yet completed an investment exit, but its monetisation strategy includes public listings, strategic trade sales, and secondary market transactions. However, Dequity intends to continue scaling its portfolio companies and aiming to diversify its exposure.

DCM’s income for the seven months up to July 2025 increased 91 per cent from US$773,444 to US$1.47 million as it has more unrealised gains from its portfolio investments. Even with higher operating expenses, DCM’s net profit increased from US$61,453 to US$732,774. DCM’s asset base grew to US$27.14 million while its equity base is US$20.97 million.

The company intends to have a dividend policy of 60 per cent of its free cash flow based on audited or management accounts. DCM paid US$100,000 in dividends in 2023. The minimum amount that needs to be raised in this IPO is $500 million. Dequity intends to list on the Main Market of the Jamaica Stock Exchange at a $2.63 billion valuation.

DCM’s largest shareholder is Mairs Family Office Limited which owns 85.7 per cent of the company, followed by Gemreit Holdings Limited, Dr Garold Hamilton and Evan Nepaul and Theresa Nepaul. Mairs Family Office’s stake would decline to 64.3 per cent if the offer is fully subscribed.

The board of directors includes Mairs, and independent directors such as Dr King, Dr Hamilton, Dr Germaine Spencer, Marcus Steele, Shadae Mair and Suzette Smellie-Tomlinson.

Interested investors can apply for the offer through VMWM’s Wealth IPO Edge platform. The offer opens on November 27 and is scheduled to close on December 18. The minimum number of shares to be applied for the offer is 10,000 units while increments will only be done in multiples of 1,000 units. The JCSD processing fee of $172.50 is payable with an application.