The KLE Group initial public offering (IPO) was oversubscribed in less than an hour after its official opening.

KLE was seeking J$94.6 million from its J$3.70 per share offer; it got J$107.3 million of applications before 10 a.m. Tuesday. The offer was initially to remain open for a week but closed at the point where subscriptions overran by 13 per cent.

Lead broker Pan Caribbean Financial Services Limited said applications began pouring in from Monday, a day ahead of the IPO official debut date, and that it was clear from then that the offer had over-performed.

"KLE's new shareholders, including myself, have gotten 'a bit of the Bolt' and we expect these shares to be listed within 30 days on the Junior Market," said Donovan Perkins, president of Pan Caribbean Financial Services Limited, the lead broker of the offer.

World track star Usain Bolt's interest in KLE Group rises from 9.25 per cent to 10 per cent after the offer. Bolt's name brands one of the holdings of KLE Group, the Tracks & Records restaurant.

"Our team is energised as we gear up to pursue our plans for growth under the guidance of our board," said Gary Matalon, KLE Group CEO and owner of the largest block of shares.

PanCaribbean will announce the allotment of shares by Friday.

business@gleanerjm.com