Dolla Financial Services Limited’s initial public offering (IPO) opened on Friday during which investors purchased ordinary shares for $1 as the microlending company looked to raise $250 million in fresh equity capital through the issuance of shares.
“The company over the last two years has been carefully executing a pan-Caribbean strategy in the markets considered by the company to be untapped. It is on this premise that Dolla Financial Services has morphed into a billion-dollar company, with strong operations in Jamaica and the Republic of Guyana, over 4,000 loyal customers and a staff complement that is energised, committed and most of all competent,” stated chairman of Dolla Ryan Reid in the chairman’s letter.
Some 212,500,000 shares were made available for the general public while the remaining 287,500,000 shares were reserved for share applicants. An additional 125 million shares fall under the company applicant’s pool which includes directors, employees, the company mentor Tania Waldron-Gooden and affiliates such as Dequity and the First Rock Group companies. Also, 162,500,000 shares were reserved for the Key partners pool which includes customers and suppliers determined to be integral to the company’s long-term success and lead broker Victoria Mutual Wealth Management Limited (VMWM) and its managed portfolios.
At 5pm Friday afternoon when the IPO closed it had raised over 5B JMD and was oversubscribed by over 4.5B JMD. This is the largest amount raised on the Junior Stock Market in its history.
Sources – https://www.jamaicatoday.com/dolla-catapults-past-its-targets/