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JM | Sep 12, 2021

Sygnus Real Estate Finance IPO closed on Friday as scheduled

/ Our Today

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Dominican Republic-based subsidary IMCA Jamaica Limited on Friday (July 9) broke ground for its US$8 million Kingston headquarters along Spainsh Town Road. Taking part are (from left) David Cummings, Vice President and Head of Real Estate & Project Finance, Sygnus Group; Dominican Republic Ambassador to Jamaica Angie Martínez Tejera; Prime Minister Andrew Holness; Sygnus Group President & CEO Berisford Grey; Jose Sasso, Country Director, IMCA Jamaica; and Ian McNally, Managing Director Remlac Construction Limited. (Our Today photo)

Sygnus Real Estate Finance Limited has closed its Initial Public Offer (IPO) on Friday (September 10), as scheduled after a two week extension.

The IPO, which was scheduled to have been closed on Friday August 20, was extended until September 10. Sygnus Real Estate Finance is seeking to raise upwards of four billion dollars in capital.

The company, which is the real estate financing arm of Sygnus Finance Group is offering up to 207.6 million ordinary shares in the company for a target capital raise of $3.9 billion. However, Sygnus Real Estate Finance has indicated an interest in upsizing the offer up to a further 38,857,193 ordinary shares thus bringing the capital raise by in excess of additional $500 million.

President and CEO of the Sygnus Group, Berisford Grey. (Our Today photo)

In the meantime, there has been no word whether the IPO was upsized but from all indications, it seems that Sygnus Real Estate Finance has received subscriptions for the 207.6 million ordinary shares that was offered. The subscription price was J$19.30 per J$ Share and US$0.1270 per US$ Share for the general public.

However, a discounted price of J$17.90 per J$ Share and US$0.1170 per US$ Share is applicable for existing shareholders. Team members pay J$18.30 per J$ Share and US$0.1210 per US$ Share for key investors. 

Over the past 19 months the company has had a string of successes such as its deployment of an estimated $5.65 billion across a total of 12 investments since inception in Jamaica, which was its initial focus of investment capital.

This is more than 2.5 times the company’s initial share capital of $2.0 billion.

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