Wigton Windfarm Puts Up 11-bn Shares in Highly Anticipated IPO

The prospectus for Wigton Windfarm’s highly anticipated Initial Public Offering (IPO) is now out.

The Manchester-based company has put up 11-billion shares for sale at a cost of 50-cents per share.

Two-point-2 billion shares have been reserved for public sector workers. The state-owned wind energy facility says the offer will open at 9am on April 17 and close on May 1. The minimum buy-in is 2,000 shares, or JMD$1,000. The Wigton IPO is reportedly the largest ever Initial Public Offering in Jamaica.

According to the prospectus, the reasons for the sale are to widen the company’s ownership base, and to allow direct equity participation in the economy by encouraging local ownership and participation in the energy sector. The third reason is to provide funds to Wigton’s parent company, the Petroleum Corporation of Jamaica, PCJ.

Speaking at this morning’s launch of the IPO, Finance Minister Dr. Nigel Clarke says the government set a low price for the shares so that more Jamaicans can get a chance to own a piece of the English-speaking Caribbean’s largest wind farm.

Wigton Windfarm is expected to end the financial year on March 31 with revenues of $1.3-billion.

The prospectus is available on the website of the Jamaica Stock Exchange.

Mayberry Investments is lead broker for the IPO.

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