Main Event Entertainment Group says IPO made $673 m
KINGSTON, Jamaica — The Main Event Entertainment Group (MEEG) has confirmed that a total of 1,033 applications for shares in Tuesday’s initial public offering (IPO) worth approximately $673 million were received.
The prospective investors were asked to subscribe to 60,001,000 Ordinary shares at $2 per share, subject to a prospectus dated January 17, which closed on the opening date, Tuesday, just 58 seconds after opening, due to a huge oversubscription.
A minimum of $120 million was needed for the offer to succeed, as outlined in the company prospectus.
The offer to the market was 20 per cent of MEEG. Eighty per cent of the company is owned by MEEG Holdings Limited, an international business company incorporated in St Lucia with its registered office at 10 Manoel Street, Castries, St Lucia.
Main Event, which was started in 2004 by Solomon Sharpe and Richard Bair, entertainment and promotions entrepreneurs, provides event management, brand promotion and entertainment services.
The company says it will advise applicants of the basis of allotment of the Shares by Today, in accordance with the Junior Market Rules of the Jamaica Stock Exchange. The company has made application to list the Shares on the Junior Market of the Jamaica Stock Exchange but made no guarantee that the Shares will be so listed.
Balford Henry