Thursday 21 November, 2019

FosRich sheds light on upcoming IPO

FosRich had humble beginnings with just its founder Cecil Foster, and two employees in a 12 by 12 space in Princeville Plaza, servicing wholesale clients with electrical and lighting equipment.

FosRich had humble beginnings with just its founder Cecil Foster, and two employees in a 12 by 12 space in Princeville Plaza, servicing wholesale clients with electrical and lighting equipment.

The FosRich Group of Companies headquartered on Molynes Road, Kingston is looking to an Initial Public Offering (IPO) in an effort to raise somewhere between $200 to $300 million to expand the business.

The lighting and electrical specialist company was founded by Cecil Foster 24 years ago.

It had humble beginnings with just Foster, and two employees in a 12 by 12 space in Princeville Plaza servicing wholesale clients with electrical and lighting equipment.

Foster successfully grew the company where today it has 84 workers operating in 4 locations, one in Kingston, two in Montego Bay and one in Mandeville.

FosRich has carved out a reputation for reliability and professionalism supplying lighting for Sabina Park, the home of Jamaican cricket as well as executing a number of big projects.

The company has formed an agreement with German electrical powerhouse Siemens to distribute its electrical equipment in Jamaica.

Speaking with Loop News, Foster said that FosRich is looking to expand to meet the country’s need for infrastructure build out. By going the route of equity rather than debt, it hopes to mitigate pay out costs and bring on board an additional 20 employees.

The lead broker for this IPO which will be open to the public sometime from the middle of November is Stocks & Securities Limited headed by Mark Croskery. As yet a prospectus has not been issued.

FosRich has ambitions to offer services in the wider Caribbean in about two years.  It has already retrofitted LED installations in 7 countries for telecoms company LIME. 

 

 

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