Dequity Capital Management, the private-equity firm led by entrepreneur Kadeen Mairs, is heading to the market with a J$657 million initial public offering (IPO).

If successful, it would become the second company Mairs lists on the Jamaica Stock Exchange in under five years. 

Dequity is offering just over 657 million shares at J$1.00 each, with 263 million reserved for select investors and the remainder available to the public. If fully subscribed, the company plans to list on the JSE’s main market. 

While the size of the offer falls below the Junior Market’s typical threshold, speaking on Taking Stock with Kalilah Reynolds, Mairs explained that Dequity is incorporated in St. Lucia, meaning it already benefits from tax advantages similar to those granted to Junior Market firms.

Founded in 2020, Dequity operates as a private-equity holding company investing in early-stage or high-potential businesses across sectors including healthcare, real estate, financial services, insurance brokerage, outdoor advertising, printing, telemedicine and even small-scale gaming. Its portfolio now stands at nine companies. 

Among them are MDLink and Fleet Diagnostics in healthcare; Winchester Medical and Royale Medical Hospital, which Dequity merged into a single hospital group; real-estate developer Johnston Development, which recently completed a 54-unit apartment project in Kingston; financial companies M24 Investments and Dolla Financial; insurance brokerage Pinnacle; and print and signage company Elite Conceptz and Solutions.

Mairs describes the business model as finding strong entrepreneurs with promising businesses, stepping in to strengthen their systems, corporate governance and financial structure, and positioning them for eventual listing. 

Dequity earns money from unrealised and realised gains, interest income from loans to portfolio companies and dividends once those businesses mature.

“We look for good businesses that are run by great entrepreneurs and we fix their business up,” he explained. “We go in, grow them, provide the capital they need, list them on the stock exchange, and that’s how we make our money.”

A considerable portion of the IPO proceeds, J$626 million, will be used to repay debt Dequity took on to acquire its various portfolio companies. 

Mairs said the move will strengthen the company’s position, reduce interest expenses and remove pressure from younger businesses that need time to mature. 

With the debt cleared, Mairs said the firm will focus on preparing its first two portfolio companies, likely Royale Winchester Medical Group and Elite Conceptz and Solutions, for listing within the next year.

The offer, which opens November 27 and is scheduled to close December 18, gives investors the chance to buy in for as little as J$10,000 plus fees through VM Wealth’s IPO Edge platform.