The Quantas Advantage IPO is officially on the market, and CEO Adrian Stokes says the offer is open to both institutional and retail investors.

The investment firm is aiming to raise just over US$9.3 million, or roughly J$1.5 billion, through the sale of more than 83 million shares. But only about 22 million of those shares are being made available to the general public, with the remaining 61 million reserved for anchor and strategic investors.

Speaking on Taking Stock with Kalilah Reynolds, Stokes said despite that split, the company says everyday investors still have a clear opportunity to participate. 

“The offer is for everyone,” he explained that the allocation reflectshow capital typically flows in the economy, where large institutions like pension funds play a major role.

So what exactly does Quantas Advantage do? In simple terms, the company provides financing to Caribbean businesses. 

“We provide financing to Caribbean businesses. That’s all we do in a nutshell.”

The firm operates in two main areas, structured finance and securitised assets, essentially funding companies through loans, bonds, and by buying cash flows like receivables, then turning those into investment products.

One of the talking points around the IPO has been the price. Shares are being offered at US$0.12, or about J$19 each. That’s noticeably higher than the J$1 pricing seen in many recent junior market IPOs, but the company says that doesn’t mean it’s expensive.

“There’s a big difference between the price of a stock and the value of that stock,” Stokes explained, stressing that the pricing is based on the company’s earnings potential and fundamentals, not optics.

The relatively small number of shares available to the public also ties back to that valuation approach. Instead of issuing a larger volume of cheaper shares, the company opted to keep the share count tighter, balancing both its Jamaican and US dollar pricing structures.

The IPO opened on April 22 and is set to close on May 21, unless it is oversubscribed earlier.