With liquidity being low in the market and no appetite for equities at this time, Dequity Capital took the decision to pull its Initial Public Offering (IPO).

Dequity  Capital was looking for this IPO to bring in J$657.5 million in fresh capital and to have the common shares listed on the JSE main market. Headed by Kadeen Mairs, Dequity Capital was hoping to raise a minimum of J$500 million and deploy this new capital in covering costs and reducing debt while taking on new investment opportunities.

This latest news does come as a disappointment, and it was hoped that pension funds might have got it over the line, but Jamaican equities at this time are flaccid. 

Dequity is an equity holding company that participates in investing activities. It has a diverse portfolio with positions in real estate, healthcare, financial services, media and an insurance brokerage. It has total assets of around US$26 million.

An issued statement by arranger VM Wealth Management Limited read: “ We formally advise that while the Offer has now closed, Dequity Capital has taken the decision not to proceed with the IPO, as the minimum subscription level outlined in the Prospectus was not achieved by the closing date. While this outcome is disappointing, it reflects a prudent and responsible approach that protects investors and supports confidence in the market.

“All subscription amounts paid will be refunded in full, without interest, in accordance with the Prospectus. Refunds will be processed within ten Business Days of the Closing Date (on or before January 6, 2026) using the same channels through which applications were submitted. Where additional information is required to facilitate your refund, our team will contact you directly.”

“This must be depressing for the team at Dequity. I don’t think the media reports surrounding Dequity dampened appetite for the IPO, it was more a case of Jamaican equities are just not that attractive right now. One only has to take a look at where NCB, JMMB, Jamaica Broilers and GraceKennedy share prices are right now and they would be considered Blue Chip. Let’s see whether the market can recover in 2026. Dequity will have to find other means to pay down its debt,” said a local trader.

The IPO opened on November 27 and closed on December 18, 2025. The offer represented 394.5 million common shares to the general public at J$1.00 per common share and 263 million reserved shares being offered at J$1.00 for strategic investors.