JFP Limited and EduFocal Limited both saw their stock prices rally by double digits to be among the best-performing stocks for each day, triggering the circuit breaker minutes after their respective listings on the Jamaica Stock Exchange’s (JSE’s) Junior Market.

JFP listed on Monday at $1.00 per share after raising $140 million in a $280-million public offering (IPO) last month which was oversubscribed to the tune of $675 million. As the market opened at 9:30 am, 2,726,461 units traded between $1.20 to $1.27 before the circuit breaker kicked in at 9:32 am. The stock eventually hit a high of $1.31 during the day before closing at $1.28. 10,194,843 units traded during the day for a consideration of $13,087,944.51, which was significant as 168,400,000 shares were made available for the public in the IPO.

This trading activity allowed JFP to set a record as the volume leader of the combined market on its first day with 20.46 per cent of the 49,833,654 units traded across the entire JSE. Two hundred and six bid orders remained to buy JFP on day one with a value of $17.12 million while there was only 119 ask orders to sell for a value of $23.28 million.

“To say that I am filled with pride today would be a huge understatement, but I am also filled with gratitude. I want to thank each and every one of you that have bought into and will buy into our company JFP. As I sit here before you, I will make this promise that we’ll work hard, work smart, be innovative and do the things that will make you proud as an investor in our company. We’re taking JFP to the world and happy that you’re coming with us,” said CEO of JFP Metry Seaga at the listing ceremony. JFP added 5,062 shareholders at its listing.

Although there was a lot of fanfare for EduFocal, which trades as LEARN and listed at $1.00 on its first day (Tuesday), only 100 units traded at $1.30 at 9:36 am for the stock to halt. After the stock unhalted, another couple orders passed through the queue for which resulted in only 9,662 units trading on the first day. This was in light of the fact that $48.97 million spread across 248 bids went after the stock at pre-open at 9:29 am. Even after the stock unhalted after an hour, zero ask orders were present in the queue compared to 415 bid orders valued at $93.55 million.

Despite this situation, EduFocal closed the day at $1.32 which is just below the $1.52 price target put out by VM Wealth Management Limited in its analysis of the company. EduFocal garnered $415 million in demand at its IPO despite the company only seeking $129.69 million. The company celebrated its 10th anniversary on its listing day.

There were 310 bid orders remaining at a value of $50.74 million willing to buy the stock. No sell orders were present at market close which is due to the fact that JMMB Securities Limited clients were unable to trade due to its information technology system being down for most of the day and few Mayberry Investments Limited clients willing to sell shares in the budding company.

“While we’re not in space, EduFocal listing on the Jamaica Stock Exchange is a booster for our initiative that provides fuel to new heights. I want to thank my co-founder Paul Allen, one of the brightest engineers I know who left his well paying job in New York to jump into EduFocal full time almost two years ago,” stated CEO and co-founder Gordon Swaby at the JSE’s headquarters. The listing was even more special for Swaby as his son pronounced EduFocal for the first time.

Since both company’s have listed on the Junior Market, they’ll be afforded 10 years of tax remissions with the first five 100 per cent off and the other half at 50 per cent off the normal tax rate. This was also the third Junior Market listing after Spur Tree Spices Jamaica Limited in January.

“By gaining access to capital and favourable tax incentives we will be able to fulfill our strategic objective to continue expanding our export business, which may eventually involve operating additional shifts and creating more opportunities for employment. All of this contributes to national development,” said Seaga.