The Initial Public Offering, IPO, for Michael Lee Chin’s Portland JSX Limited, which closed on Wednesday, was reportedly
oversubscribed by 23.5-percent.

The company which went to market on June 8 to raise JMD$1.23-billion from a total of 111,818,182 ordinary shares priced at $11 each.

Funds raised exceeded its initial target by $290-million closing at approximately JMD$1.52-billion, making it the largest IPO of ordinary shares ever on the Jamaica Stock Exchange.

Portland JSX is expected to list on the main market of the Jamaica Stock Exchange within the next four weeks.