Tropical Battery Prices September IPO At One Dollar
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.
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