QUANTAS Advantage Inc IPO oversubscribed
KINGSTON, Jamaica — QUANTAS Advantage Inc’s initial public offering (IPO) has been oversubscribed as it garnered more than $2.38 billion in investor subscriptions.
The Barbadian investment company sought to raise between US$9.38 million to US$15.47 million ($1.52 billion to $2.50 billion) over one month.
According to a release, the company upsized its offer and had 97 per cent uptake of the total 134,058,691 ordinary shares that were available on offer. There were 2,204 applications in the IPO.
As a result, all investors will receive 100 per cent of the shares they applied for in the offer.
The company will now apply to the listing committee of the Jamaica Stock Exchange (JSE) to do a cross-listing for the Jamaican-dollar (JMD) and United States-dollar (USD) ordinary shares.
The general public price was US$0.12/$19.3941 per share.
Sagicor Investments Jamaica Limited recommended investors participate in the offer with a price target of US$0.135/$21.82.
JMMB Securities Limited gave a price target of US$0.1423-US$0.1593 and a recommendation of market perform to the general public and outperform to anchor investors.
– David Rose
