Early closure of Tropical Battery’s IPO
NCB Capital Markets Limited, the lead broker to Tropical Battery Company Limited’s initial public offer (IPO), has advised that the transaction was oversubscribed.
As a result, the combined offer for sale and IPO of ordinary shares, which opened on Tuesday, September 22 closed at approximately 4:30 pm.
The basis of allocation will be communicated to the Jamaica Stock Exchange (JSE) in a subsequent communication, NCB Capital Markets said.
Tropical Battery, on September 9, issued the prospectus for an offer of up to 325 million ordinary shares in the company. Priced at one dollar per share, the offer was slated to run until September 20.
“NCB Capital Markets Limited and Tropical Battery Company Limited would like to thank the investors for their support of the offer,” NCB Capital Markets said in a notice via the JSE.
Topical Battery Company Limited intends to use part proceeds from the offer to upgrade its headquarters at Ferry and pursue other measures to improve its business.
Specifically, the company aims to offer new product lines; expand and renovate retail stores; expand parking and acquire and install information technology systems for greater efficiency.
Tropical Battery has primarily operated in the energy storage space for more than 70 years through the sale and distribution of batteries.