National Commercial Bank Jamaica Limited (NCBJ) has provided an update in relation to its plans to launch an Initial Public Offering of its shares and to cross-list in North America. NCBJ has advised that it has filed its F-1 Registration Statement, including a preliminary offering prospectus with the United States Securities & Exchange Commission. NCBJ has also advised that the offering size is now contemplated to be US$225 million. However, its underwriters have an overallotment option which could result in the increase in its share capital being higher than that amount if the offer is successful. NCBJ advised that what will be marketed in the United States are not the shares themselves but American Depository Shares (ADSs) consisting of a multiple (to be determined) of underlying NCBJ shares which will be issued to its US depository. NCBJ has selected the New York Stock Exchange on which to have the ADSs listed.
