A new investment firm, QWI, is seeking to raise $787-million through an Initial Public offering, IPO.
If successful, QWI would be the fifth company to list on the main market of the Jamaica Stock Exchange this year.
The company released its prospectus outlining the details of the offer Monday evening.
QWI is a fairly new investment company, chaired by noted accountant, financial analyst and entreprenuer, John Jackson.
QWI was incorporated as an investment company on December 13, 2018 by two other companies that Jackson also chairs, Jamaican Teas and KIW International.
In March of this year, QWI issued a total of 465-million shares in the two companies, in exchange for $465-million, which it then used primarily to invest in 37 companies listed on the Jamaica Stock Exchange.
As of July 31, those investments are now worth nearly 900-million dollars.
According to the prospectus, QWI’s investment philosophy is to acquire good quality assets with high growth potential and low or moderate risk.
They also intend to diversify by adding regional and foreign investments to 25% of their portfolio and they intend to pay up to half of their profits not reserved for reinvestment, in dividends.
The other members of the board are CEO of Jamaican Teas, John Mahfood, Chartered Accountant and Jamaican Teas’ Chief Financial Officer, Cameron Burnet.
Cayman-based entrepreneur and private investor, David Stephens. Commercial lawyer, Malcolm McDonald and, former Executive Chairman of Carlong Publishers and current chairman of Sangster’s Book Stores,Carl Carby.
According to the prospectus, QWI is seeking to raise $787-million by selling 600-million ordinary shares in the company.
270-Million shares are being offered to the public, at $1.35 per share.
The other shares are reserved for connected parties.
However, they’re also reserving the right to accept offers for up to 300-million more shares, which would bring the total raised to just under $1.2 billion, if successful.
The minimum buy-in is $10-thousand, or $13,500. The offer opens at 9 am on Monday, September 16 and is scheduled to close at 4:30 pm on Monday, September 30.
Lead broker is NCB Capital Markets.