The Mailpac Group through its recent initial public offering (IPO) of shares on the junior market has managed to raise $495 million, a record-breaking total creating a first in the history of the junior market.
The $495 million raised by Mailpac, increased the total capital raised by companies listed on the junior market to $11.7 billion, fulfilling one of the entity's main objective of enabling access to equity capital.
A release informed that as at Tuesday (December 3), the market capitalisation increased from $149.3 billion to $158.9 billion, resulting in a combined market capitalisation of $2.05 trillion.
Marlene Street Forrest, managing director of the Jamaica Stock Exchange (JSE) speaking at the listing ceremony for Mailpac, congratulated the company for having raised the amount of capital on the equity market.
This, she said, was largely made possible from eager investors also resulting in an oversubscription of shares.
“I am sure your over 5,100 new shareholders will join you on a journey toward expansion and growth.
Today's listing also gives to the Jamaica Stock Exchange the first company that concentrates exclusively on distribution and delivery, further diversifying the types of companies to list on either the main market or the Junior market. The message here is that the market can provide capital to any sector or types of companies and that the benefits are not sector-or industry- specific.
History shows that our markets respond to good companies and good investment prospects,” she said.
Also speaking at the event, chairman of Mailpac Investments, Khary Robinson, said that his company is on a journey to assist Jamaicans to get the best value for their money, locally and internationally.
He shared that the funds garnered by Mailpac will assist in the growth and development of the company and by extension, the Jamaican economy, enabling a revolutionised e-commerce environment.
Stanley Thompson of NCB Capital Markets also thanked the investors for their continued support of the industry as they seek to build wealth for themselves and families.
“We will continue to provide investment options that align with your objectives.
It is indeed because of your interest and ultimately your participation that we can celebrate the Mailpac Group's IPO performance.
The transaction impressively garnered over $2 billion or roughly 300 per cent of the ask of $495 million.
“If this is anything to go by then certainly the Jamaican appetite for investment opportunities in the equities market has grown and is growing and with the onset of a new year, we are confident that your investments will flourish,” he said in closing.
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