Local company Caribbean Assurance Brokers is set to launch an Initial Public Offer (IPO), in which 52.5 million
ordinary shares will be sold for $1.91 each.
Of this amount 44.3 million shares will be offered to reserved applicants and a little over 8 million shares to the general public.
The IPO is scheduled to open on February 18 and close on March 3.
Caribbean Assurance intends to use the net proceeds of the IPO to expand its brokerage operations to other Caribbean territories, expand its solar photovoltaic system, and provide working capital.
According to the prospectus, the directors of Caribbean Assurance Brokers believe the IPO followed by listing of the shares on the Junior Market will enhance the company’s public profile and status with existing and potential clients.
It’s also expected to provide the company with access to the capital market and tax incentives available to companies listed on the Junior Market.