Regency Petroleum seeking to raise $287m with IPO

Petroleum bulk distributor Regency Petroleum Limited is looking to list on the Junior Market of the Jamaica Stock Exchange.
The company published its prospectus on Thursday.
The initial public offering (IPO) to raise $287 million is to open on November 24 and is expected to close on December 8.
Regency's shares will be sold for $1 each, with only 115 million shares to be open to the general public.
Some 172 million will be reserved for priority applications and subscription.
Regency plans to use $160 million of the funds to clear existing debt.
Another $75 million will go towards completing RPL's Paradise Pen Service Station in Westmoreland, for which construction is expected to be completed by the end of 2022.
Regency says the remaining proceeds from the IPO will be allocated towards expanding its liquefied petroleum gas (LPG) operations, with the purchase of additional cylinders.
GK Capital Management is the lead broker for the IPO.

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