JFP Limited’s IPO Raised $280 Million and Commenced Trading – 43rd Company to be Listed on JSE’s Junior Market

JFP Limited is the first décor and furniture manufacturing company to be listed on the Junior Market of the Jamaica Stock Exchange (JSE). JFP is the 43rd company to list on the JSE’s Junior Market and the 97th company (142 securities) listed currently on the JSE. This listing has attracted more investors to the market with the Company now having a total of 5,062 shareholders.

JFP Ltd listed it shares under the symbol JFP during a hybrid listing ceremony at JSE’s Harbour Street offices in Downtown, Kingston. JFP will commence trading from its 1.12b shares on issue at a price of $1.00. The total market capitalization of the JFP is $1.12 billion increasing the market capitalization of the Junior Market to $188.37 billion and the overall market capitalization of the combined markets to $2.17 trillion. Including the $280 million raised, the total capital raised by the companies listed on the Junior Market amount to $13.23 billion. A total of $615 million has been raised year to date from two IPOs – Spur Tree Spices Jamaica Limited (on January 14, 2022) and JFP Limited.

According to Dr. Marlene Street Forrest, Managing Director of the JSE “On behalf of the JSE Group, we thank JFP Ltd for considering the market as a viable option for the listing of its Company. As a world class Exchange, we are committed to providing you with the world class service you deserve. Let me encourage more companies, especially SMEs to list on the JSE’s Junior Market. The time is now, and it is prudent not to waste a good opportunity that has been provided for growth acceleration and for investors participation and to improve the brand loyalty of ‘Buy Jamaica/Invest Jamaica.’

Mr. Metry Seaga, Chief Executive Officer of JFP Limited, stated that the JFP could not be listed without the work of its founder Mr. Stephen Sirgany, Founder and Chief Operations Officer (COO), who is a hard worker and a visionary, and the staff of JFP, who worked tirelessly to ensure that the Company is what it is today and to achieve the status of being listed on the Board of the Exchange.

“I want to encourage SMEs to stay the course, overcome the hurdles and you will be able to achieve great results, such as listing on the Board of the Exchange,” advised JFP’s CEO.

Speaking at the event, Mr. Ryan Strachan, VP Investor Relations at GK Capital Management Limited, the Lead Broker, told the audience, “The markets have been busy creating millionaires and we are happy that the Jamaica Stock Exchange could have provided the facilities for persons in Jamaica to create wealth. Companies are creating wealth and through JSE’s facilities. Jamaicans don’t have to sit on the side line and watch these companies create wealth, but they can now share in the whole process”.