The excitement at the Jamaica Stock Exchange (JSE) was similar to a regular listing ceremony with a large audience of stakeholders at the listing of Tropical Battery Company Limited on October 15, 2020. The senior executives of the newly listed Company and representatives from NCB Capital Markets Limited, lead broker for the Initial Public Offer (IPO) chose to join JSE’s Managing Director, Mrs. Marlene Street Forrest and the Chief Regulatory Officer, Mr. Andrae Tulloch, at JSE, to insert the listing strip on the JSE’s Junior Market Board and to capture the Company’s historic occasion with a photo opportunity. Tropical Battery Company Limited’s shares will trade on the Junior Market under the symbol TROPICAL.
Mrs. Marlene Street Forrest, Managing Director of the JSE, expressed delight that TROPICAL decided to insert the strip on the Listing Board of the Junior Market with the photo sessions to mark the Company’s market achievement, to be shared with stakeholders and generations of investors to come.
Mr. Andrae Tulloch, JSE’s Chief Regulatory Officer, handed over the JSE’s Junior Market Rule Book to the Company’s Managing Director, Mr. Alexander Melville, which was captured in the photo shoots.
On Tuesday, September 29, 2020, approval was granted for the listing of TROPICAL’s ordinary shares to the Junior Market. Due to the COVID-19 risk concerns, Company’s executives decided not to host the traditional listing ceremony.
Tropical Battery Company Limited’s Prospectus was published on September 14, 2020. The Offer opened on September 22, 2020, at the Invitation Price of $1:00 per share, for 325 million units. The Offer was opened and closed on the same date due to an oversubscription by approximately 50%.
At the photo session covering the TROPICAL’s strip insertion, Mr. Alexander Melville, Managing Director stated that “The listing process was a great learning experience. We have seen the benefits since listed coming from customers, suppliers, and good business opportunities arising. The plan for the future is to grow in the Caribbean by acquisitions of other battery storage type businesses and hopefully in the next 3-5 years more than double the size of the business, with renewable and electric EV storage,” he added.
“The listing was a good move and a good buy for investors. They will continue the growth of the Company even in the current COVID-19 pandemic,” said Ms. Caryl Fenton, a Director of TROPICAL.
NCB Capital Markets VP Investments Banking, Mr. Herbert Hall, represented the Broker during the photo op.
MICHAEL B. JOHNSON
JAMAICA STOCK EXCHANGE
TEL: (876) 967-3271