QWI IPO closes ahead of September 30 deadline
John Mahfood, Jamaican Teas CEO.
QWI, an investment firm set up by Jamaican Teas Limited, has closed its initial public offering for 600 million shares in the tea making company and connected business KIW International, two days after opening to the market.
In a filing on the Jamaica Stock Exchange earlier today, lead broker on the transaction NCB Capital Markets advised that the invitation for subscription made by QWI Investments Limited closed at approximately 8:30 am on Wednesday, September 18.
The offer opened at 9 am on Monday, September 16 and was scheduled to close at 4:30 pm on Monday, September 30.
QWI sought to raise $787 million from its offer of 600 million shares, half of which were reserved for various groups at $1.25 per share, including existing shareholders of Jamaican Teas and KIW International Limited.
KIW was acquired by Jamaican Teas from the Jamaican Government and is the company from which QWI was formed. Directors of QWI Investments Limited were offered 30 million shares at $1.20, while the general public had access to 270 million shares at $1.35 per unit.
The minimum share purchase was 10,000 units.
According to the prospectus, QWI would use the funds raised to acquire good quality assets with high growth potential and low or moderate risk.
The company also intends to diversify by adding regional and foreign investments to 25 per cent of their portfolio and they intend to pay up to half of their profits not reserved for reinvestment, in dividends.
QWI will be the fifth company to list on the main market of the Jamaica Stock Exchange this year.