Key Insurance seeks to raise $119 million by IPO

Some days before Junior market incentives are due to expire on April 1, another company is going public with an offer of shares, in a bid to beat the clock.

General insurance provider Key Insurance Limited is offering for sale at $2.27 per share a total of 92,115,215 units, some 73 million of which are reserved for JMMB clients. The deal is brokered by investment house JMMB Securities Limited.

The IPO opens on March 29 and closes on the 30th.

The prospectus indicates that the company is targeting $119 million, but will accept more. There is also an over-allotment option of 18.14 million units which will be offered in case of over-subscription.

http://www.jamaicaobserver.com/business/Key-Insurance-seeks-to-raise–119-million-by-IPO_55569