Fri | Aug 18, 2017

Main Event eyes hotel circuit for business

Published:Sunday | December 18, 2016 | 12:00 AM

 

Main Event Entertainment Group's market valuation will fall between $500 million and $700 million once its lists on the junior arm of the Jamaica Stock Exchange, according to information disclosed last Friday.

Main Event plans to float at least 20 per cent of the company, but the final, exact proportion remains to be determined. It plans to launch an initial public offering, which is expected to be priced within a range of $1.50 to $2 per share.

The event management company earned $1 billion to $1.5 billion in revenues during the 2014-15 financial year. At a private briefing on Friday, there was no disclosure on its profitability. Brokerage house Mayberry Investments, which is arranging the IPO, declined to comment.

"It was a private meeting," said Mayberry CEO Gary Peart.

Main Event plans to expand its operations deeper into the western end of Jamaica, in order to provide services to hotels and the hospitality sector.

In June, Main Event hired Mayberry as financial advisers to raise capital to finance its growth plans.

The directors of Main Event include CEO Solomon Sharpe and COO Richard Bair.

The company's main revenue drivers are TV productions and concerts, with clients that include, most recently, the Major Lazer and Friends concert.

steven.jackson@gleanerjm.com