Applicants in the reserve pools will get 100% of their subscription

Only applicants in JFP Limited initial public offer (IPO) reserve pools will get 100 per cent of shares subscribed.

GK Capital Management Limited, which was the lead arranger for the IPO, which closed last week, has advised of the basis of allotment of shares, priced at J$1 per share.

Applications in the Employee Reserve Pool, Key Strategic Partner Reserve Pool and the GK Investments Reserve Pool will receive 100 per cent of their subscription. 

In the Employee Reserve Pool, the balance of the shares that were not applied for will become available for Key Partner Reserve Pool applicants.

For the non-reserve or applicants from the general public will receive up to the first 12,500 shares plus a pro-rata allocation of approximately 22.8 per cent of the excess shares for which they applied above the base allotment.

The IPO of shares in the Jamaican contract furniture manufacturer was opened on February 21 and closed the following day due to an over-subscription of the J$280-million worth of shares on offer.

Now that the allotment of shares has been settled, JFP with registered office at 155 Spanish Town Road, Kingston 11, will seek to apply to the Jamaica Stock Exchange (JSE) for admission to the Junior Market.

Junior Market listing will enable the company to take advantage of a special concessionary tax regime for Junior Market companies, provided that the company remains listed for 15 years. 

JFP Limited intends to use the proceeds to increase its working capital reserves to enable it to mobilise efficiently and take advantage of more opportunities for revenue and profit growth