FirstRock Capital Holdings Limited yesterday, February 21, became the first company to list its shares on the Jamaica Stock Exchange (JSE) for the year and for the new decade.
FirstRock listed US$9M Class A shares and JD$580.84 million Class B shares on the US$ Market and Jamaica Dollar Market, respectively.
Lead broker for the listing, Sagicor Investments, on February 11 advised that 119,903,250 ordinary shares had been fully allotted from the initial public offer which had been upsized.
“The offer, made subject to the prospectus of First Rock Capital Holdings Limited, dated December 5, 2019, closed on January 31, 2020. A total of 2,501 applications totalling 119,903,250 units were received — 81,650,250 units for the Class A ordinary shares and 38,253,000 units for the Class B ordinary shares” Sagicor Investments said in a statement to the JSE.
It added that “Further to an over-subscription in the Class A ordinary shares, the prospectus outlines the company’s right to upsize. The company upsized the Class A ordinary shares by approximately 160 per cent to 81,650, 250 ordinary shares.”
Speaking at yesterday’s listing ceremony, JSE Managing Director, Marlene Street Forrest, said “I wish to encourage and remind FirstRock and other companies listed on the Exchange that a listing is but a journey and not the destination as there are other opportunities for fundraising and listing via bonds, preference shares and rights issue. We recommend that you simply take advantage of the market. In doing so, remember to concentrate on providing value to your shareholders by not only concentrating on the bottom line but also focusing on good corporate governance and corporate social responsibility which in turn will drive profitability”.
For his part, president and founder of FirstRock Capital Holdings Limited, Ryan Reid, said the listing was about allowing Jamaicans to participate, take advantage of tax benefits and help drive the country’s economic growth.
The First Rock Group recorded a profit attributable to shareholders of US$218,261 over the twenty-three month period August 2017 to September 30, 2019.