Tue | Jan 15, 2019

Main Event IPO oversubscribed

Published:Tuesday | January 24, 2017 | 10:34 AM
Gary Peart, Chief Executive Officer of Mayberry Investments

Subscription for the Main Event initial public offering (IPO) which opened this morning was closed after less than a minute because it was oversubscribed.

The offer, which is aimed at raising $120 million, was closed 58 seconds after it opened.

Chief Executive Officer of lead broker Mayberry Investments, Gary Peart says they are still counting, but indications are that the $120 million target will be exceeded by multiples.

“So far it is oversubscribed and we’re still counting,” he said. “We honestly don’t know the final numbers at this point, but I can say that already we are looking at more than three times,” Peart told Gleaner Business.

Mayberry has two days to get the final numbers together. They also have to determine how much of the individual applications will be satisfied. Peart says his back office staff is working overtime to ensure an orderly process.

“By the rules we have to send out the basis of allocation within 48 hours after the close so by nine a.m. on Thursday we need to indicate the basis of allocation,” Peart said.

Main Event is an entertainment company headed by Solomon Sharpe. The company’s range of involvement spans promotion, event planning and execution , lighting and audio along with artistes management.

- neville.graham@gleanerjm.com