Tuesday 12 November, 2019

FosRich IPO opens December 4

Stocks and Securities Limited (SSL) was selected as lead broker for this deal. Pictured here are SSL’s CEO, Mark Croskery (left) FosRich  Managing director Cecil Foster.

Stocks and Securities Limited (SSL) was selected as lead broker for this deal. Pictured here are SSL’s CEO, Mark Croskery (left) FosRich Managing director Cecil Foster.

Local distributor of lighting, electrical and solar energy products, FosRich Company Limited has released their prospectus for their impending IPO set to be open for subscription on December 4. The company is seeking to raise $200 million.

There will be a total of 100,455,111 shares made available to the public which equates to 20 per cent of the company. Shares are valued at a total of $2.00 per share.

The board intends to use the proceeds of the IPO to expand the capacity of the company, specifically the expansion of its industrial electrical and energy solutions division.

Armed with over two decades of supplying wholesale clients with lighting and electrical products, FosRich Company Limited recently launched their industrial electrical division at their flagship branch in Kingston.

At the launch it was announced that FosRich has established perpetual partnerships with well known international companies Siemens, Nexans and Phillips Lighting who all had representatives in attendance.

“By forming strong relationships with our international partners, it makes the procurement process and access to crucial products for the industrial market easier” shared managing director of FosRich, Cecil Foster.  

Also stemming from partnerships with international entities will be the employment of 10 - 15 local specialists and technicians. They will be internationally trained and equipped to assist the local construction market with modern technical requests by the second quarter of 2018.

Stocks and Securities Limited (SSL) was selected as lead broker for this deal. SSL’s CEO, Mark Croskery agrees that the investment market is ripe for growing entities to go public: “FosRich is the first electrical entity in Jamaica to offer shares to the public. As the economy continues along a growth trajectory, companies in the construction and conglomerate may produce more. We are optimistic that there will be more demand of companies like FosRich to supply modern industrial inventory and services.” SSL has also leveraged relationships other partners to grow the industrial electrical segment of FosRich.

The public offering officially closes on December 11.

 

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