iCreate successfully closes IPO
The successful closing of iCreate’s IPO means that institution, which was founded by Tyrone Wilson, has raised nearly $70 million which will be used to acquire additional equipment, computers and software to deliver courses.
Creative training institute, iCreate Limited successfully closed its initial public offering on the Jamaica Stock Exchange (JSE) Junior Market for little over 74 million shares last Friday.
Through a notice on the JSE, the lead broker on the initiative, Sagicor Investments Limited, said the offer was oversubscribed, closing a day after opening.
The successful closing of iCreate’s IPO means that the institution, which was founded by Tyrone Wilson, has raised nearly $70 million which will be used to acquire additional equipment, computers and software to deliver courses.
In celebrating the achievement, he said: “I am extremely pleased that the investors chose to support iCreate’s IPO at this time. It is a major accomplishment for the company, and this feat will accelerate our vision of developing our regional creative economy.”
iCreate also wants to expand its physical infrastructure to include additional computer labs, training rooms and workshop space in Kingston and Montego Bay.
A subsidiary of eMedia Interactive, iCreate is looking to implement new training courses such as certified professional diplomas, bachelor's degrees and offer corporate training and also has its eyes on regional and international expansion.
The offer has made available 30.3 million shares to the general public and 20,000,000 shares to key partners at $1.01 each. Another 24,062,500 shares are reserved at $0.81 each.
Mischa McLeod-Hines, Assistant Vice President, Capital Markets at Sagicor Investments, lead arranger and lead broker on the transaction, was pleased to have brought this success to the company.
“Sagicor Investments is happy to have been able to aid iCreate in their quest for expansion. We are in full support of the work they are doing in the region and are pleased that the Jamaican investors believed and bought into the vision of this company. This IPO is another example of Sagicor Investments’ commitment to developing the economic capacity of the country while providing its citizens with the means to create, grow and preserve their wealth,” McLeod-Hines said.
GK Capital Management Limited was the co-broker on the transaction.
As the institution grows, iCreate also has its eyes on the regional and international markets, already purchasing a licence from the Digital Marketing Institute in the UK to offer professional and specialist diplomas in the area of digital marketing and social media.
Today, iCreate works in partnership with the University of the Commonwealth Caribbean to deliver degrees and certification courses to prospective students under the fields of film, advertising, animation, graphic design, mobile games and fashion design.