FTER successfully garnering more than $5 billion for a $500-million combined initial public offering (IPO) and offer for sale in less than a day, Dolla Financial Services Limited has published the basis of allotment for the various pools of investors who bought into the offer.
Dolla, a microcredit company, took in $250 million from the IPO while the existing owners collected $250 million from a price of $1.00 per share.
Key Partner(s) applicants will receive their full allotment from the reserved pool which had 162,500,000 ordinary shares available. However, in the case of the company applicants in the reserved pool of 125,000,000 ordinary shares, they are guaranteed up to 8.5 million shares with a pro-rata allocation of 2.49 per cent on the remaining amount invested.
Due to the level of oversubscription for the general public pool which had 212,500,000 shares available, only 10,000 units were guaranteed with a pro-rata allocation of 2.50 per cent on the remaining balance above the base allotment. As such, $1 million invested would receive 34,750 shares, with 24,750 shares coming from the $990,000 excess balance. Multiple applications from the same Jamaica Central Securities Depository (JCSD) account were combined and treated as one application for the allocation. The refunds for those who did not receive full allotments will start today and will be sent to the brokerage account associated with the application.
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 their listing will be approved. If Dolla is approved, it would be the fourth company to list on the Junior Market since the start of the year. Spur Tree Spices Jamaica Limited, JFP Limited and EduFocal Limited all listed in the first quarter at $1.00 per share.
— David Rose – https://www.jamaicaobserver.com/business/dolla-basis-of-allotment-out/