Sagicor Select Funds IPO oversubscribed


Sagicor Select Funds IPO oversubscribed

More than 13,000 applications received

Wednesday, July 17, 2019

Print this page Email A Friend!

Sagicor Select Funds Limited initial public offering (IPO) closed yesterday, with initial indications showing that its Sagicor Financial Select Fund IPO has more than 13,000 applications.

The IPO, which was oversubscribed, opened on July 3 seeking to raise $2.5 billion, with a right to upsize by an additional $1.5 billion.

Shares for purchase were available in the Class B ordinary shares and were offered at a per share price of $1, with a minimum purchase price of $1000.

Sagicor Investments was the lead broker and lead arranger for the IPO.

“By all indications the IPO was a huge success, and we are humbled by the overwhelming response of the Jamaican people as we seek to bring solutions to enable them to create, grow and preserve their wealth,” said Kevin Donaldson, CEO, Sagicor Investments via news release.

The Sagicor Financial Select Funds is a listed equity fund (LEF) and the first of its kind in Jamaica and the Caribbean. It will be traded on the main and junior markets of the Jamaica Stock Exchange (JSE) and will track the performance of the newly formed JSE Financial Index.

The index comprises 23 stocks, inclusive of financial, insurance and microfinancing companies, on the main and junior markets.

“This is the first of many innovations that we will bring to the market,” Sagicor said via the release, adding “in the coming months we will seek to bring more firsts to the market.”

As an LEF, the Sagicor Financial Select Fund will provide investors with the opportunity to benefit from investing in a pool of assets from a range of financial companies on the JSE. This lends itself immediately to diversification for investors.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon