Offer extended to Friday September 10

Sygnus Capital Limited has advised that the Initial Public Offering (IPO) of Ordinary Shares in its subsidiary Sygnus Real Estate Finance Limited has been extended.

The IPO, which was scheduled to have been closed yesterday Friday August 20, will now close on Friday September 10, 2021.

Sygnus Real Estate Finance is seeking to raise upwards of four billion dollars in capital.

The company, which is the real estate financing arm of Sygnus Finance Group is offering up to 207.6 million ordinary shares in the company for a target capital raise of $3.9 billion. However, Sygnus has indicated an interest in upsizing the offer up to a further 38,857,193 ordinary shares thus bringing the capital raise by in excess of additional $500 million.

The subscription price is J$19.30 per J$ Share and US$0.1270 per US$ Share for the general public. However, a discounted price of J$17.90 per J$ Share and US$0.1170 per US$ Share is applicable for existing shareholders.

Team members pay J$18.30 per J$ Share and US$0.1210 per US$ Share for key investors. The lead arranger is Sygnus Capital Limited while the joint lead brokers are Sagicor Investments Jamaica and Scotia Investments Jamaica.

Over the past 19 months the company has had a string of successes such as its deployment of an estimated $5.65 billion across a total of 12 investments since inception in Jamaica, which was its initial focus of investment capital.

This is more than 2.5 times the company’s initial share capital of $2.0 billion.