Everything Fresh seeks $390m from IPO
Everything Fresh Limited, the food distribution company, which sells to hotels and supermarkets, aims to raise $390 million on the junior arm of the Jamaica Stock Exchange.
The company plans to increase its inventory and pay down on installing solar panels at its office, with the proceeds of the offer to be brokered by Stocks & Securities Limited. The subscription period runs from May 17-24.
Everything Fresh is offering 156 million shares at $2.50 per unit - 26.3 million of the shares will be available for subscription by the general public. The offer will result in the total shareholding moving from 624 million to 780 million units, assuming full subscription.
The company founded by Courtney Pullen was incorporated in August 2003, and commenced operations five years later in October of 2008. It imports and distributes various high-demand food products including dairy products, meats, assorted dry and canned goods, fruits, vegetables, seafood, and meats from foreign markets.
Annual sales were up nearly 15 per cent to $1.8 billion; however, its bottom line shrank by five per cent to $37 million.
Everything Fresh, which now has assets of $489 million, emerged from the sole trader operation run by Pullen, who in the 1990s evolved from purchasing goods from local farmers to himself engaging in farming. He eventually started importing fruits and vegetables from the United States and found it more profitable. The transition also allowed him to scale up the business.