Caribbean Cream Limited, the manufacturers of the Kremi ice-cream and ice-cream cakes, announced that its initial public offering (IPO) has been oversubscribed, when applications closed Wednesday, May 1 at 9:01am.
The IPO received in excess of 375 applications, exceeding the target of $75 million.
CEO of CCL Christopher Clarke asserted that the company is geared toward expansion. “Caribbean Cream has recorded steady growth over the years and persons did not hesitate to buy into a company with a clear vision of growth for the future. We are excited and are anxious to start the expansion process to be able to meet the growing demand for our product, and to be able to satisfy more Jamaicans.”
|Members of the board of Caribbean Cream Limited (from l-r) Mark McKenzie, Wayne Wray, Carol Clarke-Webster, Christopher Clarke, Matthew Clarke and President and CEO of SSL, Mark Croskery.|
CCL has already retained the services of a full time marketing manager as the company moves forward with expansion plans. The firm’s growth strategy is expected to result in additional employment and increased operational capacity.
Lamar Harris, Manager of Investment Banking at Stocks & Securities Ltd, stated “The success of another manufacturing company to raise capital bodes well for continued growth of the sector and Jamaica; we here are at SSL are elated to be able to bring it to fruition.”
From the capital raised, CCL will now expand its South Road Manufacturing plant before the end of the year that will be now house a larger cold room and higher capacity blast freezer that will maximize production and increase output. The company will also benefit from a number of tax exemptions having made the decision to list on the Junior Stock Exchange.