Omni Industries’ initial public offer (IPO), which closed on May 22, was an overwhelming success with all four polls being oversubscribed.

This first IPO of 2024 on the Jamaica Stock Exchange (JSE) saw the take-up of all 500 million shares offered being taken up, priced at J$1 per share.

In accordance with note 9 in Appendix I of the prospectus, the company has determined that the ordinary shares will be allocated as follows, given the oversubscription:

• Employees reserve pool: This pool of 20,000,000 shares was oversubscribed, and all its applicants will be allotted approximately 97.78 per cent of the amount applied for.

• Key partners reserve pool: This pool of 234,000,000 shares was oversubscribed, and all its applicants will be allotted approximately 87.17 per cent of the amount applied for. 

• Lead broker reserve pool: All applicants in this pool of 125,068,617 shares will be allotted 100.00 per cent of the amount applied for. 

• General public: This pool of 120,931,383 shares was oversubscribed and all applicants will be allotted the first 10,000 ordinary shares applied for and approximately 25.49 per cent of the balance of the amount applied for. Applicants who applied for 10,000 ordinary shares or less will receive their full allotment.

Applicants whose applications were only partially accepted will be refunded the balance of their subscription monies as per the IPO Prospectus. Multiple applications from the same  Jamaica Central Securities Depository (JCSD) account were combined and treated as one application for the purposes of allocation. 

Omni Industries will now proceed to apply for a listing of its ordinary shares on the JSE junior market.