One Great Studio Company Limited (1GS) successfully raised $338.63m in their Initial Public Offering (IPO) and is now listed on the Jamaica Stock Exchange’s Junior Market. The Company’s IPO opened on August 28, 2023, and closed on August 29, 2023, and saw 61% over subscription of its initial share offer. The new Junior Market Company attracted over 3,600 new subscribers to the company. With the successful listing of 1GS on the JSE’s Junior Market on Tuesday, September 19, 2023, the Company’s shares are now available for trading on the secondary market and will trade under the symbol 1GS.
The Listing of One Great Studio increases the total listed companies to 49 on the Junior Market, and the total number of companies listed on the JSE to 101 or 149 securities. Including the $338.63 million raised by 1GS, the total capital raised by the companies listed on the Junior Market now amounts to $21.23 billion, fulfilling the objective of the Junior Market, which is to enable access to equity capital. Also with this listing, the market capitalization of the Junior Market increases from $187.34 billion as at September 18 to $189.03 billion.
“We are proud that you will be listing on a market that when benchmarked to pre-Covid activities is doing well,’ said Ms. Andrea Kelly, General Manager of the Jamaica Central Securities Depository and JCSD Trustee Services Limited, in her welcoming remarks at the Listing Ceremony. Ms. Kelly also made the comparison that during the period 2017 to 2019, a total of 79,480 new accounts were created and during the period 2020 to August 2023, 110,353 new accounts were created. “What this means is that we are steadily, despite the current market conditions, building a pool of investors from which companies can tap for equity and debt capital through the Main, Junior and Bond Markets”, stated Ms. Kelly.
“On behalf of the JSE Group, we want to thank One Great Studio for considering the market as a viable option for the raising of capital and for positioning the Company even more so now, for the attention of the globe. As you list today on the Exchange and as the JCSD is now registrar for your security, we promise to provide you with the assistance necessary and within our control to be a company in good and regular standing with the Exchange and your shareholders. You are listed on a world class Exchange which has attracted global attention and we are committed to providing you with the world class service you deserve including a safe, efficient, and transparent market.” Ms. Kelly stated.
Addressing the audience at the Listing Ceremony of his Company, IGS, Mr. Djuvane Browne, Co-Founder and Chief Executive Officer, said, “This is an extremely humbling experience and I think the market has communicated clearly through this offer that they are still interested in investing in great companies. We’d like to thank everyone who participated in this offer. We now represent over 3,600 shareholders and that is something that we don’t take lightly. We understand the weight of that responsibility and we are looking forward to delivering value for all those who invested in 1GS. This listing gives us the ability to further unlock our growth plans. We will be reducing our debt, investing in strategic growth initiatives, and developing our human capital. We’re confident that this will have a significant impact on this business and as such we’re looking forward to GREAT things ahead for 1GS.”
“The listing of One Great Studio on the Jamaica Stock Exchange holds profound significance for both Jamaica and the wider region. It exemplifies the potential of young and aspiring entrepreneurs who, armed with their ideas and dedication, can transform those concepts into
tangible plans and a client-centric focus. Their ability to cultivate and nurture a business robust enough to secure a listing on the JSE is nothing short of remarkable. Yet, it’s important to emphasize that this marks just the initial stride in One Great Studio’s journey. Our commitment is to consistently demonstrate to companies like One Great Studio that the sky is truly the limit, and this listing serves as a pivotal steppingstone in their remarkable journey ahead.” Terise Kettle, Senior Vice President, Investment Banking at Barita Investments Ltd expressed.
One Great Studio opened trading at the Offer Price of $1 and at the end of trading day closed at $1.14 up 14%.
