Energy storage company Tropical Battery is seeking $325 million of equity from the market in an initial public offering of shares priced at $1 per unit.
The transaction as structured would reduce the Melville family stake in the 70-year-old company, held through Dai Diverze Jamaica Limited, from 100 per cent to 75 per cent.
The offer opens to the market on September 22 and closes September 30.
The past year has seen a $60-million investment in Tropical Battery Company’s build-out of a new headquarters and a restructuring of its offices on Ashenheim Road in Kingston.
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.