Atlantic Hardware and Plumbing Company Limited issues IPO


Atlantic Hardware and Plumbing Company Limited, a 30-year-old wholesale distributor in Jamaica is now inviting applications for 499,999,800 ordinary shares at J$1.00 per share in its initial public offering.

The company is seeking to list on the Junior Market of the Jamaica Stock Exchange. Lead broker is JMMB Securities Limited.

The offer includes up to 399,999,800 reserved shares at J$1.00 per share and at least 100,000,000 shares offered to the general public at J$1.00 per each.

The offer opens at 9:00 a.m. on the 27th day February 2025 and will close at 4:00 p.m. on the 13th day of March 2025.

Atlantic is a 30-year-old wholesale distributor, stocking over 2,400 inventory items including home improvement supplies, tools, building materials, doors, flooring, lawn and garden supplies, paint and adhesives.

Management says that the company has over 1,000 repeat customers located across the length and breadth of Jamaica. The customer base is comprised of hardware stores, contractors, developers and retail consumers.

Atlantic aims to use the funds raised to pay down existing debt. The company is chaired by Paul B. Scott with the CEO being David Harris. Company location id 105-107 Marcus Garvey Drive, Kingston.

Atlantic is the authorized distributor for brands such as: Stanley Tools, Black & Decker, Dewalt, Oatey, DAP Inc., Yale, Bosch, Generac Generators, Barnett Brass, Bootz Industries, Chillington Tools, Corona Sanitary Wares, Deer Abrasives, Fleetwood, Gardner, Gibson, Genova, Henkel Pattex, Jeld-Wen, Meridian Int., Rust-Oleum, Skil Tools, Browns USA, Sunny Int., Tradecom Int., and WD-40. Atlantic’s distributors are located all over the world to include but not limited to the USA, China, Taiwan, Hong Kong, Vietnam, Malaysia, Brazil, Colombia, Trinidad, Mexico, Costa Rica, UK, Germany, Sweden, South Africa and Panama.

Performance

Over the period 2019-2023, company revenue increased from J$1.33 billion to J$1.44 billion or 8 per cent. Net profit decreased from J$377 million in 2019 to J$147 million in 2023 due to one off, extraordinary items in one year.

Over the period (2019-2023), total assets increased from J$1.58 billion to J$2.14 billion or 35.3 per cent with the increase driven by higher balances for cash.

Photo: Paul B. Scott Chairman of Atlantic Hardware.
Caribbean Money Daily.
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