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Main event triples IPO target in 58 seconds

It took just under a minute for investors to amass what has been projected as at least three times the $120-million worth of shares offered yesterday by Main Event Entertainment Group, in its initial public offering (IPO).

The company offered subscription of up to 60 million shares, each priced at $2. The invitation opened yesterday morning and was scheduled to close at 4 pm on February 7. However, within 58 seconds it was closed as the subscription went up three times the targeted figure and the company’s Facebook was announcing that this event was over.

The success of the offer means that Main Event has become the third entertainment company to list on the junior market of the Jamaica Stock Exchange (JSE) since 2009. The others were music publisher C2W Music Ltd and restaurant operator KLE Group Ltd, which has now divested itself of its nightclub business to concentrate on its restaurants.

Spokesmen for Mayberry Investments Ltd, which advised Main Event on the project aimed at raising capital to finance major infrastructural improvements, said that while they were confident that the target would be exceeded, the outcome was more than they had expected.

Published in the Observer
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