Woodcats International Limited, a Jamaican manufacturer of wooden pallets, has announced a combined Initial Public Offering (IPO) and offer for sale of up to 833,333,333 ordinary shares at J$0.90 each.

Opening on February 2, 2026, this transaction marks a major step for the company as it seeks capital to upgrade operations, increase output, and strengthen supply chains across Jamaica and the Caribbean.

Of the approximately 833 million shares, 549,999,999 have been allocated to priority applicants across three pools: 416,666,666 for the Strategic Investor Reserve Pool, 111,111,111 for Key Partners, and 22,222,222 for employees of Woodcats and the Derrimon Group of Companies. The remaining 283,333,334 shares will be available to the General Public. At the offer price, the transaction is expected to raise approximately J$750 million and will close on February 20, 2026. NCB Capital Markets Limited, the Lead Broker and Arranger for the transaction, will guide the Company through the offer process and intended listing on the Junior Market of the Jamaica Stock Exchange. 

Woodcats to Expand and Diversify with IPO Portion of the Transaction
“This is an incredibly exciting moment for us at Woodcats,” said Peter Douglas, General Manager. “With the IPO portion of the transaction (J$375 million), we’re putting the pieces in place to modernise our facilities and equipment, boost production, and ensure our supply chains run more smoothly across the region. This offer gives investors a chance to buy into a business that people rely on every day, one with steady demand and room for growth. So, we welcome investors to join the Woodcats family and be part of the progress.”

In highlighting Woodcats’ close ties to sectors powering Jamaica’s economic recovery, Angus Young, CEO of NCB Capital Markets Limited, noted, “Woodcats remains one of the quiet engines moving Jamaica’s productive economy forward, supporting the logistics, manufacturing, and export activities that underpin our national growth and ongoing recovery.

As the first Junior Market IPO of the year, this marks a significant milestone for both Woodcats and the wider market. It creates the opportunity for the Company to deepen its capacity, broaden its reach, and expand the essential role it plays across the sectors that depend on it.

NCB Capital Markets is proud to stand beside Woodcats as they take this bold step towards meaningful expansion, one that will strengthen Jamaica’s competitiveness and support the country’s long‑term economic resilience and prosperity.”

Crafting a Legacy in Wood

Earl Richards, Chairman, Woodcats International Limited, emphasised that the Company’s leadership is confident that, with investor support, Woodcats will continue to strengthen Jamaica’s manufacturing sector and deliver sustainable shareholder value.

“Every strong economy stands on strong foundations, and for Jamaica, those foundations have been built over decades by Woodcats,” Richards stated. “We invite prospective investors to participate in this invitation with confidence that your investment will be managed with the seriousness and responsibility that our mission promotes and your trust deserves.”

For more than 26 years, Woodcats has played an integral role in Jamaica’s manufacturing sector, supporting leading industrial and commercial players across the country. Founded in 1999 by the late Christopher Collings as a small family workshop, the Company has grown into a respected operation known for its integrity, reliability, and quality workmanship. The acquisition by Derrimon Trading Company Limited in 2018 facilitated further modernisation and increased production capacity. 

Today, Woodcats operates from two Kingston locations: Marcus Garvey Drive and Slipe Pen Road. The Company employs over 90 people and produces more than 300,000 pallets each year. Woodcats serves a broad range of clients, including some of Jamaica’s leading manufacturers and food processors, such as Seprod, Red Stripe, Wisynco, Lasco, and Carib Cement. While Woodcats does not export its products directly, its pallets are integral to Jamaica’s export supply chain. The Company maintains rigorous quality and reliability standards, satisfying the requirements of both local industrial clients and global markets.

Apart from pallets, Woodcats also creates a variety of high-value products, including garden mulch, planter boxes, outdoor furniture, and engineered wood items. These offerings are part of its innovative ‘Waste-to-Revenue’ initiative, which transforms all pallet by-products into commercially viable goods, reducing waste while generating additional revenue streams. 

Stacking Success

For the financial year ended December 31, 2024, the Company recorded revenue of J$1.08 billion, up 3.2% from 2023, while net profit rose 25.8% to J$136 million despite challenging economic conditions. Growth was driven by strong pallet sales, improved procurement efficiency, and disciplined cost management, which lifted gross margins from 39.0% to 39.6%. The Company’s financial position strengthened, with total assets increasing to J$865.1 million from J$714.5 million in 2023. Total liabilities rose to J$325.0 million from J$210.5 million, mainly due to higher lease obligations and current liabilities from business expansion. Total equity grew to J$540.1 million, up from J$504.0 million, supported by retained earnings and a conservative capital structure.

Over the past five years, the Company has doubled sales and increased net profit more than sevenfold. The IPO proceeds will fund major capacity upgrades, including new automated sawmilling and assembly machinery, upgraded material-handling systems to boost pallet output by 30% by 2027, and automation of 40% of production processes by the end of 2026 to cut pallet production time by 20%. Capital will also expand certified heat treatment capacity by 50% within three years and provide additional working capital to strengthen financial flexibility, support raw material procurement, and enhance overall operations.

Subject to successfully raising at least J$400 million through the transaction and subsequent admission to the Junior Market, the Company will propose an annual dividend policy of no less than 25% of net profits available for distribution, subject to the need for reinvestment in the business and the Company’s liquidity requirements.