FosRich to go public
FosRich Company Limited plans to float shares on the junior arm of the Jamaica Stock Exchange this year.
The electrical and lighting company will utilise the services of Stocks & Securities Limited as its main broker. FosRich also enlisted the law firm Patterson Mair Hamilton as legal adviser for the initial public offering (IPO).
FosRich plans to raise $200 million to $300 million "in order to develop and launch a new line of industrial products as well as to increase working capital," said a release about the pending IPO. The company is timing the offer to list before the end of the year.
The company, owned by Cecil and Marion Foster, opened its doors in 1993 and built a brand that operates from three locations in Kingston, Montego Bay, and Mandeville.
Recent projects undertaken by FosRich include retrofitting the stadium lights at Sabina Park in conjunction with
the Urban Development Corporation and Philips. It also supplied LED street lights to the Jamaica Public Service Company in conjunction with Philips.
FosRich is made up of three principal business segments - FosRich Electrical, which provides breakers, copper wires, energy-saving bulbs, ceiling fans, and other products; FosRich Lighting, a supplier of interior and affordable, decorative lighting products since 2010; and FosRich Energy, which deals in energy-saving lighting options, and supplies and installs
solar water heaters, solar photovoltaic systems, lighting, LED lighting and induction lighting products.
Today, FosRich is described as a major importer and distributor of lighting, electrical and solar products. The company has grown from three employees to more than 70.
"The board of directors long believed that there was an unfed need for exceptional lighting products in the local market. Rather than having to travel abroad to find quality decorative lighting products, fans and energy-saving bulbs, the lighting world now supplies these locally," the release stated.