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C2W Music IPO oversubscribed

Published:Thursday | May 17, 2012 | 5:18 PM

Subscription for 100 million ordinary stocks of C2W Music Limited, priced at J$1.29 per share, closed earlier this afternoon.

The subscription was oversubscribed by 2.5 per cent and more than 100 applications were received, according to a release.

Applicants, including those who subscribed for reserved shares, will be advised of the basis of allotment within three business days in accordance with the junior market rules.

C2W Music represents Jamaica’s first start-up intellectual property company to seek admission to the junior market of the Jamaica Stock Exchange.

The company is currently conducting its fourth songwriting workshop in Nevis, in conjunction with Columbia Records.

The workshop started on May 16 and concludes on May 23.

The next workshop is scheduled for June in Jamaica, and further workshops will be held throughout the year as noted in the prospectus.