Sygnus Credit gains 30 per cent in a day
Sygnus Credit Investments, which listed on the Jamaica Stock Exchange (JSE) this morning, gained 30 per cent to close at $16.90.
Roughly 51,680 units of the stock traded on Monday with the final trade at $16. The stock will open with sellers asking for $16 and buyers bidding at $15.02 tomorrow.
Sygnus Credit issued 184.3 million shares priced at J$13.72 and US$0.11. The market capitalisation totalled $3.13 billion as at Monday.
The company proposes to invest and hold the net funds raised in the initial public offer in customised credit instruments issued primarily by medium-size firms across a broad range of sectors, including manufacturing, distribution, financial services, energy, real estate, oil and gas, transportation, infrastructure and business services.
Deals in the works include more than US$8 million worth of manufacturing and distribution transactions, US$5 million in real estate, and more than US$2 million in gas distribution.
Sygnus Credit made US$660,900 in net profit at half-year ending December 2017 on revenues of US$748,300. That resulted in six months earnings per share of US$0.01 (and not 0.01 cent as stated in the prospectus) as the average number of shares stood at 64.5 million units.
Sygnus Credit has US$16.7 million in total equity as at December 2017.