WEST Indies Petroleum Terminal Limited (WIPT) made history on Monday as it surpassed $100 billion in market capitalisation and became the fifth-largest company on the Jamaica Stock Exchange (JSE) by that metric.

WIP Terminal listed on the JSE at $0.50 on December 23, 2025, at a $5.59-billion market capitalisation. The St Lucian-registered company, which listed by introduction, closed at $9.16 on Monday, giving it a market capitalisation of $102.41 billion. That price movement translates to a 1,732 per cent increase from the listing price in under three weeks.

“The decision to list WIP Terminal on the JSE reflects several strategic initiatives. It creates transparency and price discovery for the critical asset. The public market provides a mechanism for Jamaicans to participate in ownership of infrastructure that serves their country,” stated WIP Terminal Chairman Charles Chambers at the December 23 listing ceremony.

While the price movement for WIP Terminal has been quite rapid, it’s taken place with a limited number of shares changing hands. A total of 1,320,485 shares were traded between December 24 to January 12 with a value of $8.12 million. WIP Terminal has 11.18 billion issued ordinary shares and had 105 shareholders prior to listing. Thus, less than 0.02 per cent of the company’s issued shares have traded since listing, but limited supply and extraordinary demand have pushed it into becoming one of the most valuable companies on the JSE.

WIP Terminal has halted upwards every day since listing, with demand continuing to increase for the stock. The stock had 375 bid/buy orders valued at $24.46 million at the end of trading on Monday, compared to nine ask/sell orders worth $1.67 million.

WIP Terminal’s market value was slightly below the $102.72-billion market capitalisation of NCB Financial Group Limited (NCBFG). NCBFG’s subsidiary National Commercial Bank Jamaica Limited (NCBJ) was the first listed company on the JSE to break the $100-billion market capitalisation threshold in January 2016. NCBFG itself had the highest market capitalisation of $544.54 billion in July 2019 when it closed at $220.75. NCBFG represented 27 per cent of the Main Market and 25 per cent of the combined market in July 2019.

Scotia Group Jamaica Limited (SGJ) is currently the largest company on the JSE by market capitalisation with a value of $161.87 billion. SGJ’s peak market capitalisation was $199.11 billion in January 2025.

Sagicor Group Jamaica Limited (SJ), Kingston Wharves Limited (KW), Pan Jamaica Group Limited (PJAM), Barita Investments Limited (BIL), GraceKennedy Limited (GK) and Caribbean Cement Company Limited (CCC) all surpassed the $100-billion market capitalisation threshold at some point. Guardian Holdings Limited (GHL) and Massy Holdings Limited, which both listed by introduction, both surpassed $200-billion in market capitalisation after listing by introduction.

WIPT halted at market opening on Tuesday to $12.24, with 16,697 shares traded for $204,371.28. This pushed the company to a new market capitalisation of $136.85 billion. If WIPT’s share price surpasses $14.48 in the coming days, it would become the largest company on the JSE by market capitalisation and surpass Scotia Group Jamaica.

Market observers raise questions

The rapid price increase for WIP Terminal’s stock has drawn questions from some market observers. John Jackson, who is the founder of icinsider.com, has called into question WIP Terminal’s valuation relative to the absence of any 2025 financials.

“The rally reflects scarcity more than fundamentals. WIP Terminal was listed by introduction, with no new shares issued, resulting in a minimal float, fuelling speculative demand,” stated a January 12 article entitled ‘Concerns over WI Petroleum 1,300 per cent rally’.

Christopher Berry, chairman of Mayberry Group Limited, took to Twitter/X on the issue relating to the absence of any 2025 financial results and the subsequent price rally.

According to the JSE’s rules surrounding listing by introduction, a copy of a company’s audited or unaudited financial statements — dated by the company’s auditors within 90 days prior to the application date for listing — must be forwarded to the JSE. WIP Terminal’s abridged statement was published on December 8, 2025.

WIP Terminal provided the market with its December 2024 audited financials in its abridged statement prior to its listing. Those financials were signed by the company’s auditors in October 2025. WIP Terminal’s December 2023 audited financials were signed off by its auditors in May 2024.

WIP Terminal has indicated that it intends to release its unaudited fourth-quarter report within 45 days and publish its audited financial statements within 90 days after its December 31 year end. That means investors should see the company’s financial state by February 14.

A table showing the date companies first exceeded the $100-billion mark, and their peak intraday trading prices.