First Look

iCreate exceeds target for Sagicor Investments brokered IPO

0 | 2019-02-05 13:33:00

iCreate Limited successfully closed its initial public offering (IPO) on February 1 and was oversubscribed.

The IPO of 74,062,500 ordinary shares received applications exceeding the J$70 million being targeted. Offered to the public at J$1.01 per share, the IPO targeted raising funds to help offset expansion costs for the creative training institute.

The offer, which opened on Thursday January 31, 2019 was originally scheduled to close on February 14, 2019, instead closed last Friday after the overwhelming response from Jamaican investors.

Tyrone Wilson, CEO, iCreate Limited, in celebrating the milestone achievement said, “I am extremely pleased that the investors chose to support iCreate’s IPO at this time; it is a major accomplishment for the company, and this feat will accelerate our vision of developing our regional creative economy.”

The creative training company has plans to expand and extend its services this year; noting that spreading its wings will allow it to meet the demand for the courses.

With the IPO raise, Wilson notes that funds will be used to purchase additional equipment, build extra training rooms and workshop spaces at the Kingston and Montego Bay locations, while expanding into the wider Caribbean.  The training institute is also set to implement new courses such as Certified Professional Diplomas, bachelor’s degrees and corporate training.

Mischa McLeod-Hines, Assistant Vice President, Capital Markets at Sagicor Investments, lead arranger and lead broker on the transaction, was pleased to have brought this success to the company.

“Sagicor Investments is happy to have been able to aid iCreate in their quest for expansion. We are in full support of the work they are doing in the region and are pleased that the Jamaican investors believed and bought into the vision of this company. This IPO is another example of Sagicor Investments’ commitment to develop the economic capacity of the country while providing its citizens with the means to create, grow and preserve their wealth,” McLeod-Hines said.

GK Capital Management Limited was the co-broker on the transaction.

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