IronRock raises funds in a minute
The start-up, IronRock Insurance Company Limited, raised $315 million in one minute of opening its initial public offering, according to lead broker Mayberry Investments.
Iron Rock will advise applicants of the basis of allotment of the shares by Thursday, in accordance with the Junior Market Rules of the Jamaica Stock Exchange.
Mayberry acted as lead financial adviser and broker to IronRock in the invitation for subscription for 105 million ordinary shares at $3 per share.
The offer opened at 9 a.m. and closed at 9:01 a.m. on Tuesday. IronRock, founded by William McConnell and Evan Thwaites, is now expected to become the 26th company and second general insurer to list on the Junior Market.