Tropical Battery plans Junior Market IPO

Tropical Battery Limited has signed a brokerage partnership with NCB Capital Markets ahead of its planned initial public offering on the Junior Market of the Jamaica Stock Exchange (JSE).
The announcement is the first sign of interest in the Junior Market since the start of the year.
In a press release, NCB Capital Markets said it hopes to jumpstart the Junior Market which has been quiet following the economic fallout from COVID-19.
NCB Capital Markets has acted as lead broker for several Junior Market IPOs including Elite Diagnostics, Mailpac Group Limited, The LAB, and Eppley Caribbean Property Fund Limited, which recently migrated to the main market.
In 2019 Tropical Battery invested $60 million into its new headquarters at the Kingston 876 commercial complex in Ferry, Kingston.
Tropical Battery indicated that it had outgrown its current warehouses and was in need of space, hence the new campus in Ferry.
The company merged its corporate office and two warehousing operations on Ashenheim Road, Kingston, into one operation. It has also been expanding battery production.
Tropical Battery started under current ownership, when John Melville purchased the business, which then manufactured of lead acid storage batteries from American businessman Tex Williams in 1967.
The company subsequently expanded into lubricants and new battery lines.
Tropical Battery has six branches offices – 15 Ashenheim Road, Grove Road and Ferry in Kingston; 6 Villa Road in Mandeville, Manchester; Catherine Hall Trade Centre, Montego Bay, St James; and Coconut Grove, Ocho Rios.
The company claims a network of over 1,000 dealers and distributors across the island.