C2W Music IPO debuts May 10
Published:Wednesday | May 2, 2012 | 12:00 AM
C2W Music Limited's initial public offering (IPO) is seeking to raise J$129 million on the junior stock market.
The music-publishing company will offer 100 million ordinary shares at J$1.29 per unit from May 10-17.
The offer is being brokered by Stocks and Securities Limited (SSL).
The broker said C2W plans to develop and market the creative talents of Caribbean songwriters globally.
"This will be Jamaica's first intellectual property company to be listed on the Jamaica Stock Exchange Junior Market," said a release from SSL.
"C2W Music Limited will conduct several workshops annually in which local songwriters will collaborate with renowned international songwriters in order to create songs with an international appeal. Once composed, the songs will be registered, licensed and marketed globally to some of the music industry's best-known entertainers ... ."
C2W will also collect royalties on behalf of the songwriters.
Its own source of revenue will come from "performance, mechanical and synchronisation royalties, which include but are not limited to live performances, album sales and from adaption for use in videogames, movies and advertisement, movies", SSL said.
"Each song has a unique digital 'code' which is recorded each time it is played; this facilitates the easy 'tracking' of its usage from radio airplay and downloads."
C2W will be governed by a board headed by non-executive chairman Gerald Hadeed. Other directors include CEO Ivan Berry, president and director of Operations Derek Wilkie, as well as non-executive directors Gassan Azan, Kristine Gibbon-Thompson, Neysha Soodeen, and Chris Bovell as mentor.