Following a successful additional public offering (APO), Sygnus Credit Investments (SCI) has indicated that, as of January 26, its shares under the APO have been trading on the Jamaica Stock Exchange Main Market.

The SCI APO, which was originally targeted to raise US$22 million (J$3.3 billion) exceeded its subscription target in December and raised approximately US$27.58 million (J$3.94 billion) for both share classes.

The company received a total of 3,757 subscriptions from Jamaicans and the wider Caribbean region with more than 50 per cent from institutional investors. 

The APO which opened to the public on December 18 last year, originally offered up to 196,372,431 ordinary shares to the public at a cost of US$0.140 per US$ ordinary share and J$16.30 per J$ ordinary share. In light of the oversubscription, SCI had exercised the right to upsize the invitation to 240,887,900 new ordinary shares, reflecting a 54 per cent upsize to the maximum allowed by the prospectus dated December 11, 2020. 

Listing of the shares on the JSE will increase liquidity and allow new and existing shareholders to easily buy and sell SCI’s shares.

SCI, considered a leader in the Caribbean private credit market, said at its last annual general meeting in December that it intends to grow its private credit portfolio to more than US$100 million over the next 24 months.