Spur Tree Spices is the first listing for 2022

Spur Tree Spices Jamaica Limited on Friday, January 14, 2022, listed its ordinary shares on the Junior Market of the Jamaica Stock Exchange (JSE) following its initial public offering (IPO).

The seasonings and sauces manufacturer sought to raise funds through an IPO, which closed on December 31, 2021, within two days of its opening, exceeding its subscription target of $335.3 million. 

The offering was oversubscribed, with a value of over $1.3 billion. 

Spur Tree says its successful IPO shoes Jamaicans believe in the company’s proven track record of success, having experienced compounded revenue growth upwards of 20 per cent over the last five years. 

After 15 years, Spur Tree opted to become publicly listed, allowing stakeholders to invest in a company that has consistently increased its product offerings.   

Proceeds of the IPO will enable Spur Tree to increase operations and further expand its export potential. 

GK Capital Management Limited was the lead broker and financial adviser to the offer, Sagicor Investments Limited acted as co-broker and Myers Fletcher & Gordon, Attorneys-at-Law acted as legal adviser to Spur Tree.

Spur Tree CEO Albert Bailey described the listing as a seminal moment for the company. 

“We are grateful to all our investors who have demonstrated belief in our company, our people and our products as we continue to take the best flavours of Jamaica to the world,” he said addressing attendees at the listing ceremony held at JSE’s office in Kingston. 

“This listing fulfils the vision of our founding partners Harrinarine “Mohan” Jagnarine, Anand James, and Dennis Hawkins, who built Spur Tree 15 years ago to satisfy the growing demand for exotic Caribbean flavours in the export market. To witness our phenomenal growth and the faith that investors have in us today is an immense source of pride.”

Spur Tree Chairman Metry Seaga commented, “This is significant not just for Spur Tree but the wider economy. By gaining access to capital and favourable tax incentives we will be able to grow and create more opportunities, including for small farmers who supply the ingredients for our products. Ultimately, it allows us to play a bigger role in the growth and development of the Jamaican economy.” 

He closed by assuring investors that their investment was in good hands, “Thank you for putting your faith in us. We will aim to consistently deliver shareholder value and remain a prized addition to your investment portfolio.”