Sat | Mar 24, 2018

Portland JSX targets $1.23b from IPO

Published:Friday | June 3, 2016 | 12:00 AM

The initial public offering for ordinary shares in Portland JSX Limited has been set for June 8.

More than 118.818 million shares, or just under 40 per cent of the company, will be open for public subscription via the Jamaica Stock Exchange.

Some 27 entities, most of them pension funds, already own equity in the company, with the largest stakes held by GraceKennedy Pension Plan, Peter 2 Company Pension Plan, and ATL Group Pension Fund Trustees Nominees, respectively.

The JSX offer is priced at $11 per share, which, if fully subscribed, should raise $1.23 billion.

Portland JSX is a Michael Lee Chin-connected company and limited partner in Portland Caribbean Fund II. JSX, which is managed by Portland Private Equity II Limited and chaired by Douglas Hewson, began trading on October 1.

Up to February 29, the company made a loss of US$327,600. Its assets total $13.8 million, more than $10.5 million of which is held as cash and short-term deposits.

Through Caribbean Fund II, which aims to raise up to US$250 million for investments over a term of 10 years ending July 2024, JSX is already invested in three entities - Panama Wind, a 215MW wind energy project in Panama; a company called CVBI, which will give it indirect ownership of a stake in Liberty Global and Liberty Latin America; and Clarien Group Limited, which owns a bank in Bermuda.

Fund II has already raised US$136 million. It plans to invest between US$15 million to US$40 million each in six to nine companies overall.

Portland JSX has tapped VM Wealth as arranger of the IPO.