REGIONAL microlending company Dolla Financial Services Limited (Dolla) has listed on the Jamaica Stock Exchange (JSE) on Wednesday, June 15. This follows a successful initial public offering (IPO) launch on May 27 in which investors purchased ordinary shares for $1 each in the company’s attempt to acquire $250 million in fresh equity through the sale of shares. Dolla raised over $5 billion and was oversubscribed by over $4.5 billion, the largest amount raised on the Junior Market.

At the listing ceremony, director and CEO of Dolla Kadeen Mairs expressed that, since Dolla’s inception, his primary goal has been to see the company become a publicly listed entity, and as such, he expects that the stock will be one that investors will purchase and hold on to and that it will generate long-term value.

“Quite often, I reflect on the sacrifices made to get this business off the ground and the partnerships formed to grow the company. Today marks another milestone, and as such, I am excited about where the company is going and my intention for this listing is to take the company to the next stage of its development and to stimulate liquidity, giving shareholders the opportunity to realise the value of their investments. Also, a provision of a stepping stone to a major global exchange,” Mairs expressed.

The company offered shares of 212,500,000 to the general public, while the remaining 287,500,000 shares were held for reserve share applicants. A total of 125,000,000 shares were said to be held by the corporate applicant pool, which comprises directors, employees, Tania Waldron-Gooden (company mentor), and affiliates such as Dequity Capital Management and FirstRock Private Equity (FRPE). In addition, 162,500,000 shares were set aside for the key partners’ reserve pool, which consists of customers and suppliers deemed critical to the company’s long-term growth, as well as lead broker Victoria Mutual Wealth Management Limited (VMWM) and its managed portfolios.

The company is a subsidiary of FirstRock Private Equity Ltd, one of the Caribbean’s equity partners for small and medium-sized businesses (SMEs). Prior to Dolla’s successful IPO, FRPE owned 75 per cent of the company, while Dequity Capital Management Ltd held 25 per cent.

Ryan Reid, chairman of Dolla, says it’s a proud moment for the company.

“We have always had a very special and close relationship with the Dolla team, working with them as they evolved as a team and a company. We are delighted that they have reached this milestone and are looking forward to seeing them thrive in the public markets. We must say that after years of hard work, the company has developed steadily and continuously. This successful listing is an important step for the company to carry out capital operations and move to a higher level. Dolla will continue to make efforts to strengthen governance, deepen innovation, and strive to achieve a higher level as soon as possible,” Reid said.

The company commenced operations in October 2014 in Jamaica and now boasts eight branches islandwide, with an expansion into the regional waters of Guyana.