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NCB IPO pricing set for February 6

Published:Friday | January 25, 2013 | 12:00 AM

National Commercial Bank (NCB) Jamaica kicked off a big city roadshow Thursday, led by chairman Michael Lee-Chin, to sell its pending initial public offering (IPO) to prospective investors.

The pricing of the IPO is scheduled for February 6 at the wrap up of the roadshow.

NCB plans to list on the New York Stock Exchange and will trade under the symbol NCJ.

The roadshow will take NCB's management team to London, New York, Boston, Chicago, Toronto, and back to New York.

Lee-Chin is joined by Patrick Hylton, group managing director, Dennis Cohen, deputy group managing director, and Yvonne Clarke, chief financial officer on the road tour.

The IPO aims to raise US$225 million.

The number of American Depository Receipts (ADR) filed for NCB amounts to 16.1 million, priced at US$13-US$15 per ADR, with each of the bank's ADRs representing 50 common shares.