Jamaica's National Commercial Bank (NCB) is pressing ahead with plans to raise US$225 million through an initial public offer, IPO. The bank announced the terms for the IPO on Thursday.
NCB, the country's largest commercial bank plans to raise the money by offering 16.1 million shares at a price range of $13 to $15. It also plans to list on the New York Stock Exchange.
JP Morgan and Macquarie Capital are the joint book runners (underwriters) on the deal.
Details of the IPO coincided with Thursday’s release of NCB's unaudited results for the quarter ended December which showed profits slightly up.
NCB said it realised a net profit of J$2.8 billion, compared with J$2.76 billion in the previous year.
The bank's loan portfolio totalled J$117-billion dollars, up from J$101.2 billion in 2011.
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