Sagicor Select Fund IPO Oversubscribed; Closes Early

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The Initial Public Offer, IPO, for Sagicor Select Fund closed last evening, one day early.

Nationwide News understands the offer was oversubscribed, with more than 13,000 applications received. The IPO opened on July 3, aiming to raise as much as $4-billion through the sale of shares at 1-dollar a piece.

Sagicor Select Fund seeks to mirror the performance of the Jamaica Stock Exchange’s Financial Index.

Meanwhile, Eppley Caribbean Property Fund has extended its IPO until the end of the month. The offer was scheduled to close last Friday, but will now close on July 31. Eppley is seeking to raise $4.5-billion to invest in commercial real estate in Jamaica and Barbados.

The offer is priced at $46.18 a share. It’s being led by NCB Capital Markets.

Meanwhile, another IPO, The LAB, opens at 9 this morning. The Lab is seeking to raise $189-million, with shares priced at 1-dollar a share. The offer is also being led by NCB Capital Markets.

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