Limners & Bards Limited Initial Public Offer Opens and Closes On Same Day
NCB Capital Markets Limited announced late yesterday that the Invitation for Subscription for participation in the Limners & Bards Limited (LAB) Initial Public Offer of ordinary shares closed at approximately 4:30 p.m. on Wednesday, July 17, 2019.
The offer opened yesterday and was scheduled close on July 31.
Led and Founded by Kimala Bennett, CEO, The LAB, which is an Advertising Agency came to the market with JA$1 billion in capitalisation, and a growth strategy, that has from all indications convinced sufficient investors to pump JA$189 million into the company for a 20 per cent stake at $1 per share.
The Lab has already identified a target company for acquisition to continue the buildout of its service offerings in the short term, the company said in its prospectus.
CEO Bennett, had indicated in the prospectus that the additional equity raised through the IPO would be used to acquire equipment, finance organic and inorganic growth, and also raise its profile to garner more local and regional clients.
Importantly the company had indicated as part of its growth strategy, a build-out of public relations and digital departments.
The IPO was brokered by NCB Capital Markets, who announced in a posting on the Jamaica Stock Exchange website that the basis of allocation will be communicated to the Jamaica Stock Exchange in a subsequent communication.