Local Car Dealer, Jetcon has issued an invitation for potential investors to subscribe and purchase ordinary shares in the company’s capital.

According to the company’s chairman, John Jackson, company is seeking to raise approximately $96 million to allow for the expansion of operations.

He says Jetcon intends to use the money raised to assist in its application to be listed on the Junior Market of the Jamaica Stock Exchange while taking advantage of business opportunities and lower costs by buying in larger volumes.

According to the prospectus, Jetcon’s application to the JSE is dependent on its ability to (i) raise at least $86,850,000 as a result of the Invitation and (ii) meet the criteria for admission.

Jackson says the company believes that listing on the Junior Market of the JSE will raise its profile and enable it to strengthen its balance sheet.

The IPO opens on next Monday with shareholders being advised that they must request a minimum of 5000 shares at $2.25 per ordinary share.

The chairman says the Directors have decided that the Company will absorb the customary JSCD fee of $144 per application inclusive of General Consumption Tax; and, as such, investors will only be required to pay the price of the Shares being offered.

In 2015, the Company reported revenues of $523 million representing an increase of $174 million or 49.91% compared to $349 million reported in 2014. The increased revenues for 2015 resulted in a 286% growth in after tax profits, which reached $40 million. For the period up to February 29, 2016, revenues are up 31% for the two months combined over the similar period in 2015.