Spur Tree Spices has released the basis of allotment in its just concluded initial public offer of shares (IPO), which closed last week.

The IPO for 335,391,848 ordinary shares at an invitation price of J$1.00 per share was closed on December 31, more than two weeks ahead of its January 19, 2022 closure date.

This was due to the issue being heavily over-subscribed as over $1 billion in applications came in for the just over $335 million being sought.

In the three reserve pools, applicants will receive 100 per cent of their application while the general public will receive up to the first 10,000 shares plus a pro-rata allocation.

Basis of the allotment

GK Capital Management Limited, which handled the IPO, explains the basis of allotment as follows:

1. Spur Tree Staff Reserve Pool
a. Applicants in this reserve pool will receive 100 per cent of their application
b. The balance of the shares in this pool that were not applied for will become available for Key Partner Reserve Pool Applicants

2. Key Partner Reserve Pool
a. Applicants in this reserve pool will receive 100 per cent of their application
b. The balance of the shares in this pool that were not applied for will become available for General Public Pool Applicants

3. GK Investments Reserve Pool
Applicants in this reserve pool will receive 100 per cent of their application

4. General Public Pool
All applicants from the General Public will receive up to the first 10,000 shares (“Base Allotment”) plus a pro-rata allocation of approximately 11.76 per cent of the excess shares for which they applied above the Base Allotment