Dequity Capital going public through JSE main market IPO
Published:Wednesday | November 19, 2025 | 12:05 AM
Private equity firm Dequity Capital Management Limited is seeking $657.5 million of equity capital from stock market investors in an initial public offering on the Jamaica Stock Exchange.
The offer of 657.5 million shares priced at $1 per unit will be on the market from November 27 to December 18. The offer represents 25 per cent of the company.
Proceeds from the IPO will be used to pay down existing debt, as the company positions to seize new opportunities in sectors such as financial services, healthcare, real estate, and technology, including potential acquisitions in the Eastern Caribbean.
Founded in 2020 by entrepreneur Kadeen Mairs, Dequity Capital has carved out a niche as a private equity player focused on minority stakes in promising businesses. Dequity typically takes a stake of 20 per cent to 30 per cent in invested companies, partnering with founders to scale operations and prepare for eventual public listings. Dequity’s board is chaired by economist Dr Damien King, with Adrian Smith serving as chief executive officer.
In five years, Dequity has built a portfolio spanning eight companies, including Dolla Financial Services, Pinnacle Insurance Brokers, MDLink, and Johnston Development Group, which is currently executing a $1.2-billion residential project in Kingston. Dequity exited its investment in Royale Medical earlier this year.
Mairs says Dequity’s philosophy is to “back the entrepreneur, not just the business”.
With assets under management now exceeding US$45 million, the company is aiming to grow regionally. It also aims to bring at least two portfolio companies per year to the equity market.
Mairs currently controls nearly 86 per cent of Dequity, which will fall to 64.3 per cent post-IPO.
Dequity will list on the main market of the JSE, if the IPO is successful. The lead broker and arranger of the offer is VM Wealth Management Limited.