APD Limited's tour of The Bahamas has proven effective among everyday Bahamians, Guardian Business has learned, with at least half of the share offering being snatched up by retail investors.
Jamaal Stubbs, senior analyst at CFAL, one of the placement agents for the IPO, said these figures show the outreach program is hitting the mark.
"The mandate from the government was to have the widest share distribution possible," he added. "So far we are definitely meeting that goal. There has been a wide cross-section of Bahamian investors."
The IPO, making up 20 percent of the company's overall equity, has been touted as a landmark opportunity for everyday Bahamians. The investment gives citizens direct equity in the new state-of-the-art Nassau Container Port on Arawak Cay - the only gateway for imports and exports into New Providence.
Stubbs speculated the IPO, worth $10 million, will no doubt exceed that figure considerably. But under the terms of the offering, everyone is guaranteed the minimum buy-in of $500 to protect the average investor.
In fact, Stubbs told Guardian Business, in the end, retail investors should outnumber institutional entities.
Michael Maura Jr., CEO of APD Limited, will conclude the IPO tour today after a couple weeks on the road. The company delegation has filled schools and meeting halls in every corner of the country, he said, from Long Island, to Eleuthera to Exuma.
With no CFAL, Colina, Bank of The Bahamas or New Providence Advisors on some islands, Maura said Royal Bank of Canada (RBC) has agreed to step up as a placement agent for the far-flung locales.
The CEO said he has been overwhelmed by the response and interest from everyday Bahamians.
"People are very grateful we have taken the time to give them a chance to see what it's all about. I think there is a fair number of Family Islanders that have not historically had the chance to invest in companies," he told Guardian Business. "The investment opportunity has never been brought to them. We are getting out in front of them and saying how easy it is. Now they are becoming more comfortable."
While the majority of the Bahamians at the meetings won't spend $100,000 on the IPO, Maura felt the opportunity was an encouraging start.
On his end, Stubbs said CFAL is getting some unusual calls.
"We have got calls across the board, including Berry Islands and Crooked Island," he said. "It means the investment will be really spread out."
The current ownership structure of APD Limited includes 40 percent for private shareholders, 40 percent for the government and 20 percent for the public.
Investors have until January 31 to buy shares.

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