FOLLOWING its record initial public offering (IPO) which saw more than $3 billion in offers over 15,000 applications, One-on-One Educational Services Limited's basis of allotment has been published for the various pools of investors who bought into the offer.
The fully remote electronic learning business, with a focus on enterprise solutions, sought $358.25 million in equity capital. Of that amount, $271.25 million is fresh equity capital with no more than $30 million to be spent on listing expenses. The company's offer closed on August 12, 2022, the same day as it opened, after the prospectus was published on July 29. All pools except for the convertible loan conversion pool were priced at $1.00.
The convertible loan conversion pool applicants shall receive their full allotment which is split 72.5 million shares for Panjam Investments Limited and 36.25 million for Sagicor Life Jamaica Limited. Key strategic partners also received their full allotment for a pool which had 60 million shares on offer.
The Sagicor reserved share pool, which had 30 million shares on offer, are guaranteed the first 450,000 shares applied for while any amounts in excess were pro-rated at 1.11 per cent of the remaining amount invested. This pool was only available to employees of Sagicor Investments Jamaica Limited, which was the lead broker and arranger for the IPO.
The teachers and trainers reserved pool saw investors guaranteed the first 80,000 units plus a pro-rata allocation of 3.47 per cent on the excess balance above that amount. This comes as the pool had 30 million shares on offer but received more than $193 million in applications, with a majority receiving their full allotments.
The One-on-One employee reserved pool saw investors guaranteed the first 500,000 units plus a pro-rata allotment of 69.83 per cent on the excess balance. The pool had 30 million shares on offer.
Based on the demand in the general public pool which only had 121.25 million shares, investors were only guaranteed the first 5,000 units with the excess balance pro-rated at 2.23 per cent. As such, a $1-million investment would receive 27,189 shares, with 22,189 shares coming from the $995,000 excess balance. While the prospectus stated that refunds would be dispatched 10 days of the closing date, Sagicor Group Jamaica tweeted that it is working assiduously to process all the refunds which should reflect by the end of this week.
The company's application to list its shares on the Jamaica Stock Exchange's (JSE) Junior Market will now be processed by the JSE's Listing Committee to determine if the listing will be approved. If One-on-One is approved, it would be the fifth company to list on the Junior Market since the start of the year. The JSE's Listing Committee met on June 14 after Dolla Financial Services Limited's basis of allotment was published on June 7 with the company listing on June 15.
One-on-One's listing would make it the 100th active company to be listed on the JSE in the exchange's 53-year history. While there have been more than 100 companies that have listed on the JSE and its various markets over its life, there have never been 100 companies listed at the same time on the JSE. This would be a welcome gift for co-founder and Chief Executive Officer Ricardo Allen who celebrates his 33rd birthday on September 6.
The company was registered in August 2013 and began operations two years later.