Historic Listing on JSE

The Jamaica Stock Exchange (JSE) has recorded a historic 100th company listing.

This milestone was achieved with One on One Educational Services Limited’s placement on the JSE’s junior market.

The entity, which will trade using the symbol ‘One’ is the 46th entrant to this platform, which has increased the number of securities listings to 146.

The formalities took place during a ceremony at the JSE’s offices on Harbour Street, downtown Kingston, on Thursday (September 1).

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill; Minister of Transport and Mining, Hon. Audley Shaw; and Minister of State in the Ministry of Finance and the Public Service, Hon. Marsha Smith, who represented Portfolio Minister, Dr. the Hon. Nigel Clarke, headed the officials and other guests in attendance.

One on One’s initial public offering (IPO) for 380 million shares, for which Sagicor Investments Jamaica Limited was the lead broker and arranger, opened and closed on August 12, 2022, having been oversubscribed by approximately 745 per cent.

JSE Managing Director, Dr. Marlene Street Forrest, said the company raised more than $2.8 billion from the offer.

“However, the value for the offer was for $358.25 million. This certainly signals the confidence investors have in this company,” she said, while speaking at the ceremony.

Dr. Street Forrest said One on One now has 13,305 shareholders, representing the largest number for a Junior Market company.

The Managing Director informed that total capital raised by companies listed on the Junior Market now stands at $18.3 billion.

She added that of this amount, $1.6 billion has, to date, been generated from five IPOs since the start of the year.

Dr. Street Forrest said the JSE was pleased to list a “young and vibrant company”, which delivers education utilising technology, noting that the entity “has already touched the lives of so many households”.

“I would like to commend One on One Educational Services Limited for being socially aware by playing your part in enriching the youth of Jamaica through education. I want to thank you for offering students individual life learning experiences through your digital platform,” she added.

Senator Hill, in his remarks, lauded Dr. Street Forrest and the JSE team, noting that the latest listing “is a telling and enduring resonance” of her legacy “in your sterling administration of a fair, efficient and transparent Jamaican stock market”. He added that the milestone achieved was a “most fitting tribute to your astute leadership of your team and the stock exchange”.

“This 100th listing of the Jamaica Stock Exchange is a historic and exciting event. It is also instructive to local businesses that are serious about growth, and individuals that are similar minded about wealth creation and financial security,” Senator Hill further stated.

Ms. Smith, in her remarks, said the JSE’s milestone is an indication that “you continue to move towards positioning Jamaica as a globally competitive logistics hub”, adding that “this will create a myriad of opportunities for economic growth and development”.

The State Minister noted the JSE’s “rich history” of mobilising capital for companies that list on the Exchange and for providing a conduit through which investors can create wealth by investing in these entities.

“The Government of Jamaica has always stood by the vision of the Jamaica Stock Exchange. We remain committed to improving Jamaica’s financial position locally, regionally and internationally,” Ms. Smith added.

One on One President and Chief Executive Officer (CEO), Ricardo Allen, who noted that the entity caters to over 250,000 students in Jamaica and the wider Caribbean, thanked their clients and stakeholder partners whose inputs facilitated the company’s listing.

“Going forward, the work starts now. Our hope, right now, is to [take] One on One from the shores of Jamaica and the Caribbean to become a global leader in online education and training all across the world,” he underscored.