Stanley Motta to raise $4b in IPO
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.