Having set out to raise $500 million through the sale of shares to the public, Dolla Financial Services successfully closed its initial public offering (IPO) on the first day of opening to the market.

In fact, according to the company, it was oversubscribed by $4 billion on Friday, which is a massive show of support by investors.

When the IPO opened on Friday, May 27, the micro-financing company raised over $5 billion on the Junior Stock Market. This amount is reportedly the highest ever raised.

In a brief statement following the IPO’s closure on Friday evening, Dolla Financial Services said:

“On behalf of the board of Dolla Financial Services, we are humbled by the overwhelming support and the strong show of confidence from the market.

“First Rock Private Equity and Dequity Capital Management welcome our new shareholders as we embark on creating increased value for us all,” it read.

“Dolla Financial Services also thanked other stakeholders, attorneys at Patterson Mair Hamilton, leader broker and arranger VM Wealth, Barita Investments, Mayberry Investments, and selling agents JMMB as well as its management team and employees.”

The IPO was originally scheduled to remain open until June 10.

Source – https://jamaica.loopnews.com/content/dolla-financial-ipo-oversubscribed-4-billion-day-1