FosRich Company received more than $100 million in surplus applications from its initial public offering on Monday.
The IPO waswas aimed at raising a little over $200 million closed a minute after opening at 9:00am on December 4. Fosrich offered a total of 100,455,111 shares valued at a total of $2.00 per share or 20 per cent of the company.
Lead broker for the deal Stocks and Securities Ltd (SSL) said the company is now determining the basis of allotment of the shares in accordance with the terms and conditions set out in the prospectus.
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.