One on One Educational Services Limited (ONE) became the 100th listing on the Board of the Jamaica Stock Exchange (JSE) on Thursday, September 1, 2022. Their Prospectus was published on July 29, 2022, inviting subscriptions for 380 million ordinary shares at an invitation price of $1.00 per share for the general public. The offer opened on August 12, 2022, at 9:00 a.m. and closed the same day due to oversubscription by approximately 745%. The Company raised over $2.8 billion from the offer; however, the value of the offer was for $358.25 million. The Company now has a total of 13,305 shareholders, representing the largest number of shareholders for a Junior Market company and began trading under the symbol ONE at a price of $1.00.
Dr Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange, at ONE’s Listing Ceremony said, “The Exchange is delighted to welcome One on One as part of the Exchange’s growing family. ONE will be the 46th Company listed on the JSE’s Junior Market and the 100th Company (146 securities) on the JSE. This indeed is a milestone for us and puts us in a real celebratory mode. Including the $358.25 million raised by ONE, the total capital raised by the companies listed on the Junior Market amounts to $18.3 billion. Also, a total of $1.6b has been raised year to date from the five IPOs. The total market capitalization of the Company is $1.9 billion increasing the market capitalization of the Junior Market to $200 billion and the overall market capitalization of the combined markets to $2.0 trillion.”
Revealing the remarkable journey of his Company to be listed on the JSE’s Junior Market, Mr. Ricardo Allen, ONE’s President and CEO shared that he took the decision to give up a Fulbright Scholarship, to stay in Jamaica, because he believed that no other country needed him more than Jamaica, to help transform the educational system. ‘I put together a seven-man Board. I had many difficulties along the way and many times, I was wondering if I had made the right decision and this fear drove me to ensure that the Company became a success. We raised capital along the way, but none is as important as the capital we raised today on the Stock Exchange. We have 70 employees, 250,000 learners across the Caribbean (starting with two), and we have now raised $350 million to transform the Company from a Jamaican-Caribbean company to a truly global company, which will transform the global educational system’.
“When we asked Ricardo why he wanted to list on the Jamaica Stock Exchange, his immediate response was that he wanted to give Jamaicans, especially our teachers, an opportunity to participate in the next exciting phase of the Company’s growth – not just in education, but in the overall technological advancement and digitization in the Region,” stated Mrs Theola Moore Bruce, Manager, Capital Markets of Sagicor Investments Jamaica Limited, Lead Broker of ONE’s IPO.
Senator the Honourable Aubyn Hill, Minister of Industry, Investment and Commerce, who spoke next said, “I am pleased with a Company such as One and One as this Company is not the typical company that exports hot pepper or other physical commodities. This is a Company that is exporting technology, and this is a great achievement for Jamaica. This is because we have a gap to cover between exports and imports. We are importing so much more than we are exporting and a company such as One and One will assist us to close the gap.”
The Hon Audley Shaw, Minister of Transport and Mining, told the audience that although we have such great achievement, the Micro Market is very much needed, and he would be working with his parliamentarian colleagues to achieve this. There is a gap in funding for the small enterprises and this gap needs to be bridged, therefore, I will be advocating to achieve this.
“This momentous occasion is not only significant for Ricardo and the One on One team but is also a tremendous milestone for the Jamaica Stock Exchange as it continues to fulfill its mandate to the Jamaican people by creating the avenue for companies to access capital to grow their businesses and create jobs as well as helping individuals to grow their wealth,” stated Miss Tara Nunes, CEO Sagicor Investment Jamaica Limited.
Speaking at the listing ceremony, Mr. Julian Robinson, Opposition Spokesman on Finance, Planning and the Public Service stated, I have heard my colleague speaking on the need for a Micro Market to provide funding for the very small businesses and I will be working with him in Parliament to get the support of the other parliamentarians to establish this market. It will go a long way to provide financing to the micro businesses.
I am pleased with today’s celebration of the 100th company to list on the Board of the Exchange and I want to commend the Managing Director Dr. Marlene Street Forrest for her leadership of the Exchange and the direction in which she is taking the Company. This augurs well for the Company and the Board stands by to support her in her endeavours said Mr. Julian Mair, Chairman of JSE’s Board of Directors.
The Hon Marsha Smith, Minister of State in the Ministry of Finance, representing the Minister of Finance stated “We are committed to improving Jamaica’s financial position both locally, regionally and internationally. This milestone achieved by JSE is an indication of that continued thrust to position Jamaica as a globally competitive logistics hub that will create a myriad of opportunities for economic growth and development. I want to encourage other entities to become regularized, follow the lead taken by companies like One on One Educational Services Limited and list your company on the Jamaica Stock Exchange. Furthermore, I want to implore average Jamaicans to invest in these offerings. This historic milestone will be appreciated by the next generation as they continue to build on the present legacy of the JSE.”