Fri | Jan 19, 2018

Main Event IPO to raise $120m

Published:Friday | January 20, 2017 | 12:00 AM
Solomon Sharpe, CEO of Main Event Entertainment Group

Main Event Entertainment Group has priced its initial public offering (IPO) at $2 per share to raise $120 million via the junior stock market.

The offer opens on January 24 and closes on February 7.

The company is floating 60 million shares, only 6.6 million of which will be available for subscription by the general public. The rest will be apportioned to key entities and groups.

The proceeds will finance new equipment to allow Main Event to go after new clientele and expand the company nationally, as well as provide working capital and to pay the expenses of the invitation.

Main Event said in its prospectus that the cost of the IPO is not expected to exceed $12.5 million.

The offer is being arranged by financial adviser Mayberry Investments Limited.

Main Event was incorporated in 2004 by Solomon Sharpe and Richard Bair. It has been described as Jamaica's largest digital signage and structured event management company.

If the offer is successful, it would be the third entertainment company to list on the junior market of the Jamaica Stock Exchange since its 2009 debut. The others are start-up music publisher C2W Music Limited, and casual dining outfit KLE Group Limited, which recently divested itself of its nightclub business to focus on the restaurant operations.

Sharpe serves as chief executive officer of Main Event and Bair as chief operating officer. Both are directors.