Monday 13 July, 2020

Sagicor Investments partners with Sygnus in $1.2B IPO

Sygnus CEO Berisford Grey

Sygnus CEO Berisford Grey

With $1.2 billion in sight, Sagicor Investments has partnered with Sygnus Credit Investments as lead brokers in meeting its target on the initial public offering (IPO) which opened on last Wednesday.

As co-arrangers for the IPO, Sagicor Investments Jamaica believes the IPO has the potential to offer clients opportunities to earn on their investments, while contributing to nation building and the country’s economy.

With Jamaican entities tapping into the robust corporate financing sector to raise capital, many have looked to Sagicor Investments, the company that has continuously delivered and has raised billions for our corporate clients.

“At Sagicor Investments, we are not just about raising money for our stakeholders but providing viable opportunities for them to invest in their community and at the same time earn from each investment,” Kevin Donaldson, CEO of Sagicor Investments said. “We strongly believe in the power of capital to realize opportunity to fuel growth, so when Sygnus called on us to facilitate this IPO we were honoured.”

“This is a diverse IPO, offering persons the opportunity to invest in your country and in firms across the Caribbean region. Broadening our stakeholders’ scope is important to us at Sagicor Investments and that is just what this IPO offers,” Donaldson stated.

The parties recently hosted prospective investors at investor briefings in Kingston and Montego Bay to discuss the growth potential of the Sygnus Credit Investments IPO. The brokers and arrangers advised investors of the billion dollar opportunity and fielded questions.  

“Sagicor Investments prides itself on the work it has done for companies through our innovative corporate financing solutions. So working with Sygnus on this IPO felt like a natural collaboration to our team, as we work to raise funds that will foster growth for Sygnus and many other companies across the region,” Mischa McLeod-Hines, Manager – Capital Markets at Sagicor Investments noted. 

Sygnus is a specialty private credit investment company, devoted to providing non-traditional financing to medium-sized firms across the wider Caribbean region. The company is offering 90 million shares at US$0.11 and J$13.72 per share, with 40 million being held for reserve share applicants at US$0.105 and J$13.10 per share.

Sygnus Capital Limited, investment advisor for Sygnus Credit Investments, will act as the lead arranger for the listing and JN Fund Managers as co-brokers.

This is the second company Sagicor Investments has brought to market since the start of 2018. Earlier this year, the team listed Elite Diagnostic Limited on the junior market of the Jamaica Stock Exchange.

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