One Great Studio Company Limited (1GS) set off fireworks on the Jamaica Stock Exchange (JSE) last week as it became the first digital service agency and 53rd company to have listed on the Junior Market.
1GS listed on September 19 after being the first initial public offering (IPO) this year and second company to list on the Junior Market in 2023 since Image Plus Consultants Limited on January 20. The company, which had sought $338.63 million in fresh equity was oversubscribed by 61 per cent, which means that $545.19 million went after the offer. The result of the successful raise was 1GS's investor pool growing to over 3,600 shareholders.
1GS's listing pushed the total listed companies on the Junior Market to 49 and the number of companies on the JSE to 101 firms. The number of listed securities on the JSE increased to 149 firms. 1GS's raise resulted in $21.23 billion being raised on the Junior Market since the first listing in October 2009. The Junior Market capitalisation also moved from $187.34 billion on Monday to $189.03 billion.
"This is an extremely humbling experience and I think the market has communicated clearly through this offer that they are still interested in investing in great companies. We'd like to thank everyone who participated in this offer. We understand the weight of that responsibility and we are looking forward to delivering value for all those who invested in 1GS. This listing gives us the ability to further unlock our growth plans. We're confident that this will have a significant impact on this business and as such we're looking forward to great things ahead for 1GS," said 1GS co-founder and Chief Executive Officer Djuvane Browne who also recognised his mom's birthday and had a moment of silence in recognition of Raby Danvers "Danny" Williams.
1GS's stock saw 63 buy orders valued at $4.96 million relative to the 139 sell orders valued at $11.53 million before market open at 9:30 am. Within the first minute of trading, 1GS traded up to $1.28, at which point the stock halted after 94 trades worth $5.41 million were processed. 1GS ended its first day of trading at $1.14, with 14,087,445 shares valued at $16.08 million from 391 trades.
Wednesday and Thursday saw the stock close at $1.13 and $1.21, respectively, with 1GS halting up at $1.36 at 9:45 am on its third day. 36.49 million shares worth $42.40 million were processed over 578 trades in those two days. 1GS ended at $1.20 on Friday after 1,889,355 shares worth $2.26 million were processed over 96 trades.
1GS's performance maps above GK Capital's lower price target of $1.27 but below the upper price target of $1.57. The stock was among the most traded securities during the week. 1GS's reserve pool applicants received 100 per cent of what they applied for in the offer, while the general public received the first 20,000 shares and 34.088 per cent of the remaining balance.
1GS's listing comes just days after FosRich Company Limited's new 55,729,647 ordinary shares commenced trading on September 15. FosRich's non-renounceable rights issue saw the company raise a gross amount of $139.32 million, with the expected net amount of $130.38 million to push it to the maximum $500 million share cap limit allowed under Junior Market rules.
138 Student Living Limited's additional public offering (APO) is also out and set to close by October 8. 1GS's third quarter report should be published by November 14.