KINGSTON, JAMAICA – In a strong vote of confidence from regional capital markets, Barbados-based investment firm Quantas Advantage Inc. has seen its initial public offering dramatically oversubscribed, drawing in more than J$2.38 billion in total investor subscriptions, far exceeding the company’s original fundraising target.
The investment company had set an initial fundraising range of between US$9.38 million and US$15.47 million, equal to J$1.52 billion to J$2.5 billion, with a one-month subscription window for retail and institutional investors. When the offering period closed, official data from the company’s public release showed overwhelming uptake: 97% of the 134,058,691 ordinary shares made available were claimed, with a total of 2,204 individual applications submitted across the region.
Thanks to the adjusted upsized offering structure put in place to accommodate the unexpected investor demand, every participating investor will receive 100% of the shares they requested in their applications, with no pro-rating required for smaller or retail applicants.
Looking ahead, Quantas Advantage is now preparing the next step in its public market expansion: the firm has confirmed it will formally submit an application to the Jamaica Stock Exchange’s Listing Committee to secure a dual cross-listing for both its Jamaican-dollar (JMD) and United States-dollar (USD) denominated ordinary shares.
The public offering price for each share was set at US$0.12, which equals J$19.3941 per unit. Two major Jamaican financial services firms have weighed in with analyst recommendations for the offering. Sagicor Investments Jamaica Limited encouraged investor participation, setting a 12-month price target of US$0.135 per share, or J$21.82. Independent analysis from JMMB Securities Limited set a wider price target range between US$0.1423 and US$0.1593 per share, issuing a “market perform” rating for general public investors and an “outperform” rating for the offering’s anchor investors.