Sygnus doubles uptake from IPO
Sygnus Credit Investments Limited upsized its initial public offer from US$10 million to over US$20 million in order to better finance deals its sees in the short term.
"Our decision to upsize to US$20 million is based strictly on our assessment of our pipeline and the growing demand for private credit investment by medium-sized firms across various sectors," said Berisford Grey, CEO of Sygnus Capital, the management company for Sygnus Credit.
In its prospectus, Sygnus Credit identified US$31.4 million worth of deals in the pipeline for financing. Of the deals, most of which are based in Jamaica, US$3.2 million was approved for backing, US$12.3 million was being finalised, and US$15.9 million is prospects under review.
With the upsizing of the offer, the Sygnus Credit IPO now includes around 190 million shares, or double the 90.9 million units. The shares were available in two classes, and priced at $13.72 or US$0.11.
Sygnus Credit is a private credit investment company, which provides non-traditional financing to medium-sized firms across the Caribbean.
Sygnus Capital Limited, which is owned by Grey, Ike Johnson, Jason Morris and Gassan Azan, acted as the lead arranger for the listing. Sagicor Investments Jamaica acted as lead broker and co-arranger, and JN Fund Manager as co-broker of the offer.
Sygnus Credit held US$16.7 million in total equity as at December 2017.