Former tourism minister pleased with IPO’s performance
NASSAU, BAHAMAS — Nassau Cruise Port Ltd yesterday announced that the Bahamas Investment Fund (BIF) equity offering, which sought to raise $25 million to support the cruise port redevelopment project, was oversubscribed.
Over 3,500 investors applied for shares during the initial public offering (IPO), which was led by Colina Financial Advisors Ltd (CFAL).
Mike Maura Jr, CEO of Nassau Cruise Port Ltd, said: “This equity offering was truly a once-in-a-lifetime investment opportunity, and we are thrilled that so many Bahamians embraced it and affirmed their confidence in the project through their participation.
“We are grateful to everyone who chose to put their hard-earned dollars into this project. Those who invested have not only contributed to the redevelopment of the port, but more broadly are supporting the growth and future of our country.
“As a Bahamian, I cannot think of a better investment.”
Anthony Ferguson, president of CFAL, echoed Maura’s sentiments and confirmed the next steps.
“We’re extremely pleased by the response from Bahamians in the BIF offering,” said Ferguson.
“Our team is currently reviewing applications and confirming details to complete the process.
“As communicated previously, shares will be allotted using a bottom-fill approach so that as many applicants as possible will be confirmed as shareholders.”
He added: “We will maintain contact with investors regularly and will update them and the BIF website with pertinent information as it becomes available.”
Maura noted: “Our projections show that 2022 and 2023 will be very successful for the port, and beyond that, our outlook is extremely positive.
“Nassau Cruise Port is well-positioned and prepared for growth, which our investors will certainly benefit from.”
Maura added that the Nassau Cruise Port project’s success in raising $244 million in debt financing during this pandemic and yesterday’s successful BIF $25 million equity offering highlight the “great value proposition of our Bahamas”.
“We truly have much to be grateful for. Let’s continue to work to make our Bahamas even better for our guests and for Bahamian generations to come,” said Maura.
I’m tremendously excited that Bahamians were interested enough to — according to Colina — fully subscribe to the recent IPO or share sale.
– Former Minister of Tourism and Aviation Dionisio D’Aguilar
The funds raised will be used to complete the redevelopment of recreational, entertainment, shopping and food and beverage spaces; complete marine construction work; and support the development, design, engineering and inspection-related costs of the project.
The redevelopment of the port is expected to be completed by the third quarter of 2022.
Operations at the port will continue without interruption during the construction phases.
Former Tourism Minister Dionisio D’Aguilar told Eyewitness News: “I’m tremendously excited that Bahamians were interested enough to — according to Colina — fully subscribe to the recent IPO or share sale.
“I’m delighted to read that they are actively looking for authentically Bahamian vendors to work at that port. I’m also delighted that it’s on schedule for a 2022 completion and become the flagship port we all expected.
“I’m happy its’ progressing and that the government is allowing it to come to fruition.
“At the end of the day, the Bahamian people will be very happy with the attempt to redevelop the port of Nassau and do it in such a way that it’s authentically Bahamian.”
