Dolla Financial Services Limited (DOLLA) became the 45th company listed on the Junior Market of the Jamaica Stock Exchange (JSE) and the 145th security listed on the Exchange, overall. DOLLA’s Initial Public Offer (IPO) was oversubscribed by approximately 950%. The Company raised over $4.762 billion from the offer; however, the value of the offer was for $500 million. The Company now has a total of 14,981 shareholders, representing the largest number of shareholders for a Junior Market Company.
Including the $500 million raised by DOLLA, the total capital raised by the companies listed on the Junior Market amounts to $17.9 billion. A total of $1.245 billion has been raised year to date from the four IPOs in 2022.
The total market capitalization of the DOLLA is $2.5 billion, increasing the market capitalization of the Junior Market to $194.7 billion, and the overall market capitalization of the combined markets to $2.09 trillion. DOLLA is the 99th company to list on the JSE.
Managing Director of the JSE, Dr Marlene Street Forrest, at DOLLA’s Listing Ceremony on Wednesday, June 15, 2022, expressed much delight in welcoming Dolla Financial Services Limited’s team to the JSE Group’s family. She also extended a huge JSE welcome to the large audience in-house and those viewing the ceremony online. Dr. Street Forrest highlighted a few important factors about this listing, such as:
(i) Investors believe in the Company and felt they were receiving value for money
(ii) More persons are now understanding the market and the benefits of investing in the stock market; (12.75% of these are new investors).
(iii) There is a need for more Initial Public Offering such as this.
“It is true that one idea with action behind it can change the world, create jobs, and create investment opportunities, but most importantly, stimulate and inspire an economy to think and dream big.” These were the opening words from Mr. Kadeen Mairs, CEO of Dolla Financial Services Limited.
An emotional Mr. Mairs removed his tie because he said the majority of his clients are not in suits and ties, so he wanted to connect with them when he is speaking. He further stated that, “DOLLA’s result from the IPO is a signal that we are what the market wanted to see, exciting companies with exciting leadership. This day is also a reminder to institutions that everyday retail investors can move the market as most of the investors today are Millennials, and this is what financial inclusion is about, whether in the debt or equities market.”
In closing, Mr. Mairs encouraged young men and women of Jamaica to remain positive. He told them to persevere and dreams can come true and they too can create generational wealth long term and value. It doesn’t matter if you are from Grange Hill, Flankers or Tivoli, positive examples exist, and as Masika said – “Wi used to tek ‘d bus before we get the buss”. Therefore, the sky is the limit.
Mr. Rezworth Burchenson, Senior Vice President and CEO of VM Investments Limited (VMIL) and its subsidiary, VM Wealth Management (VMWM), said, “I’m happy that of the four (4) micro finance companies listed on the JSE, VM Wealth was the Broker for two of these listings.”
Mr. Burchenson went on to state that, “What the Dolla Financial IPO has very clearly confirmed is that the national appetite for investment and the stock market are both quite vibrant and thriving, even amidst an ongoing pandemic. I also want to encourage other companies that witnessed the Dolla Financial IPO and saw the extraordinary reaction and support it received, to be bold also and take the steps to get listed as well.”