NCBCM enlists brokers and Paymaster for TransJamaican IPO


NCBCM enlists brokers and Paymaster for TransJamaican IPO

Friday, January 17, 2020

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NCB Capital Markets Limited (NCBCM) has announced that the island's major brokers have signed on as selling agents for the mammoth TransJamaican initial public offering (IPO) which is expected to be brought to market by the end of the first quarter.

“This is an historic transaction not only in terms of its expected size, but these roadways are significant assets, vital to our national infrastructure”, said Herbert Hall, NCBCM vice-president – investment banking. “Therefore, the collaboration among brokers represents our collective commitment to advancing Jamaica's welfare through the capital markets.”

Hall said that because the IPO is expected to attract “tens of thousands of investors”, both locally and within the diaspora, it was prudent to expand the distribution network so as to ensure that the application process is as seamless as possible.

“All investors interested in applying can do so through their broker,” said Hall.

Furthering his point around convenience, Hall noted that the investment house also has on-board Paymaster as a collection agent for the IPO. The entity has over 200 locations islandwide and its wide network of locations is expected to vastly improve the accessibility investors will have when participating in the IPO.

“Paymaster is especially convenient for those clients who do not wish to settle via wire transfer or through NCB Online Banking,” Hall added, noting that the public should expect slight changes to the application process for non-NCB online users.

When using GoIPO, those who do not have active NCB Online profiles should apply first and then settle by their chosen means. Hall mentioned that NCBCM is making it extremely easy for investors all across Jamaica to participate by giving them the various options to access the IPO. This would be the first IPO in Jamaica's history to be accessible through so many different channels or locations.

The IPO will be 100 per cent digital and given the tremendous benefits including efficiencies to be derived from a paperless process, the Jamaica Stock Exchange (JSE) has agreed to waive its processing fees.

According to Hall, “this is a rare move by the JSE and it not only underscores the benefits of being digital, but shows their support for this historic IPO by removing some of the costs associated with applying”.

“We want to make this offer as affordable to all Jamaicans who want to avail of this tremendous opportunity to build their wealth and as such, we are thankful to the JSE for waiving their processing fees,” he added.

The JSE normally charges a processing fee of $163.10 which is applicable to each IPO application.

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