Local Car Dealer, Jetcon’s IPO was closed after just one minute yesterday due to what the company says was an over-subscription of the shares being offered.

This means the company was successful in achieving its goal of raising approximately $96-million.

According to a release from the company, the over-subscription represents the level of confidence investors have in the company.

Chairman John Jackson says Jetcon intends to use the money raised to assist in its application to be listed on the Junior Market of the Jamaica Stock Exchange as Jetcon seeks to raise its company profile and strengthen its balance sheet.