The Jamaica Stock Exchange’s (JSE), initial public offer has been oversubscribed. The offer of 38.2 million shares, which opened on Friday, closed ahead of schedule on Monday. There was high demand for the JSE shares which were oversubscribed by 41 per cent. More than 150 applications were received from investors:
“We were supported by a mix of investors, institutional investors – small and large. We are proud of the offering and we are proud that persons have such confidence in the Stock Exchange. This is a first for a long time that we have had a main market,” said Marlene Street-Forrest, general manager of the Jamaica Stock Exchange.
The J$107 million raised from the public offer will be used to retire the JSE's debts and allow it to offer new services.