One on One Educational Services Limited's initial public offering (IPO) officially closed on August 12, the same day it opened, as it garnered more than $3 billion in subscriptions from more than 15,000 applications.
The company, which is planning to list on the Junior Market of the Jamaica Stock Exchange (JSE), published its prospectus on July 29, giving the public two weeks to apply to the offer which sought $358.25 million in equity capital. Of that amount, $271.25 million is fresh equity capital.
The two-week window given to investors to ruminate through the prospectus also aimed at allowing teachers enough time to open equity accounts to participate in the IPO. The offer was priced at $1.00 per share for all the pools except the convertible loan conversion reserve share pool. Some brokers stopped opening new accounts during the week because of the demand while others had to extend opening hours to accommodate the number of applicants seeking to open equity accounts.
With the offer officially closed, the preliminary basis of allotment should be published on the JSE's website within six business days after the closing date, which is by August 22. The investor statements and refunds should be dispatched within 10 days of closing. The shares will be listed no more than five business days once the JSE's listing committee approves it for listing.
One on One's listing would make it the 100th active company to be listed on the JSE in its 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 has never been 100 companies listed at the same time on the JSE. One on One would also become the 46th company on the Junior Market and 146th security listed on the JSE. It would also be the fifth Junior Market listing in 2022 and sixth overall listing, excluding the Private Market after Massy Holdings Limited's cross listing on January 27.
Sagicor Investments Jamaica Limited was the lead broker and arranger for the offer while JMMB Securities Limited, Mayberry Investments Limited and NCB Capital Markets Limited (NCBCM) were selling agents. The offer got participate, buy and overweight recommendations from six brokers whose target prices ranged from $0.97 to $1.83. Barita Investments also set a target price of $1.58, NCBCM at $1.35, and FHC Investments Limited at $1.48 per share.