Tue | Jun 18, 2019

Stanley Motta to raise $4b in IPO

Published:Friday | June 29, 2018 | 5:09 PMSteven Jackson

 

Stanley Motta, a subsidiary of the Musson Group and developer of the 58 HWT technology park in Kingston, plans to raise $4 billion in equity capital through an initial public offering on the main market of the Jamaica Stock Exchange next week.

The IPO is priced at $5.31 per share. Of the 757.8 million shares on offer, 69 per cent will be available to the general public for subscription.

Stanley Motta, which was established in 1948 as a retail chain for electronic appliances, was acquired by Musson in 1983. The company is held by Musson Jamaica and Harbour Street Properties, a St Lucia incorporated company which is also controlled by Musson. Its female-dominated board include Chairman Melanie Subratie, Jennifer Scott, Sandra Glasgow, Minna Israel, Patricia Sutherland, Sharon Donaldson and Andrea Kinach.

The Stanley Motta IPO opens on July 6 and closes July 20. NCB Capital Markets will act as the lead broker and arranger.

steven.jackson@gleanerjm.com