NCB Capital Markets Revives Trinidad’s Stock Exchange SME Market after 5 Years
17 Jul 2024
Kingston, Jamaica – July 17, 2024: NCB Capital Markets Limited (NCBCM), through its subsidiary, NCB Merchant Bank (Trinidad and Tobago) Limited (NCBMBTT), has recently launched the Initial Public Offer (IPO) of Eric Solis Marketing Limited (SOLIS). This is the first IPO to be launched in the twin island Republic in five years and seeks to be listed on the Trinidad & Tobago Stock Exchange’s (TTSE) SME Market.
NCBCM attributes this achievement to the implementation of its comprehensive SME IPO Hub, technological innovations and regional market-making and wealth building expertise. Speaking at the SOLIS IPO launch event, Chief Executive Officer NCBCM, Angus Young noted, “NCBMBTT has identified the SME market as an opportunity to further develop the equity capital markets in Trinidad and Tobago and our value proposition is grounded in deliberately leveraging the following three resources; 1) the intellectual capital and experience of subject matter experts and practitioners in Jamaica, 2) GoIPO.jncb.com, which is a fully online IPO subscription platform , and , 3) the recent favorable fiscal policy changes made to the legislation governing the SME IPO platform at the TTSE.”
Young continued, “NCBCM remains steadfast in its commitment to developing and providing flexible solutions for SMEs to unlock capital to catapult economic growth regionally.” NCBMBTT is the lead broker, arranger, and underwriter of the offer, which is now open and closes August 9, 2024.
Group Managing Director, SOLIS, Rishi Badaloo asserts, “We are particularly pleased to have reached this stage in our journey as a business and we are grateful for the confidence NCB has placed in us as demonstrated by the full underwriting of the offer, even before going to market.”
The company issued 2,750,000 ordinary shares at TT$4.00, valued at about JMD 247,500,000. According to the Prospectus, SOLIS has earmarked the use of funds after offer-related fees as follows, “... approximately 50% allocated capital expenditure in relation to office equipment intended for rental purposes, and the remaining 50% to facilitate general working capital requirements and acquisition of new lines of business over an estimated 18-month timeframe.”
SOLIS is a leading provider of multifunction printers (MFPs), managed print solutions and commercial displays in Trinidad and Tobago; authourised dealer for major international brands such as Lexmark, Konica Minolta, HP, Brother, RISO, Fellowes and Samsung.
SOLIS’ Badaloo noted the significance of this undertaking and its implications, he said “We are very excited to bring citizens of Trinidad and Tobago along with us as we unlock this incredible stage in our journey and are honoured to have our investors share in our success.” The SOLIS IPO is now open to citizens of Trinidad and Tobago.
NCB Capital Markets Limited recently facilitated the OMNI Industries Limited IPO and NCB Financial Group Limited’s Additional Public Offer, the first two public equity offers listed on the Jamaica Stock Exchange for 2024.
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About NCB Capital Markets Limited
NCB Capital Markets Limited (NCBCM) is the wealth and asset management arm of the National Commercial Bank Limited (NCBJ), serving Jamaica, Barbados, Guyana and Cayman Islands. Started in 1968 by Edward Esau Gayle as an equity boutique to facilitate the development of a vibrant stock market in Jamaica, the company is the oldest operational brokerage house in the English-speaking Caribbean. Today, NCBCM and its subsidiaries are leaders in providing the full range of equity, money market, global bonds and mutual fund products, as well as corporate finance and portfolio management services for individual and institutional investors, all backed by the strength of NCB Financial Group Limited.
For further information, visit www.ncbcapitalmarkets.com
ABOUT NCBMTT
NCB Merchant Bank (Trinidad and Tobago) Limited, (‘NCBMBTT’) is a Trinidad and Tobago based non-bank Financial Institution, Broker-Dealer, and a member of the Trinidad & Tobago Stock Exchange. NCBMBTT is licensed and regulated by the Central Bank of Trinidad and Tobago and the Trinidad and Tobago Securities and Exchange Commission.
ABOUT SOLIS
SOLIS is built on a long-standing commitment to serving its customers, bolstering its brand, and cultivating expertise in the field, which attests to the company's stability and reputation. In 2007, The Office Authority Ltd. acquired SOLIS to further strengthen its service portfolio. This strategic acquisition was driven by the understanding that SOLIS’ offerings would complement the suite of services provided by Office Authority at that time. The core operations of SOLIS are centered on the sales, rental, and servicing of multifunction printers, photocopiers, commercial displays, and other business equipment to companies predominantly located in Trinidad and Tobago. Through its comprehensive approach to marketing, sales, rentals, and servicing, SOLIS effectively caters to the specific needs of the Trinidad and Tobago market with equipment manufactured by well-known brands. SOLIS has installed, serviced, and maintained thousands of machines across several industries, including financial institutions, educational institutions, professional services firms, the energy sector, manufacturing, distribution and retail, and government agencies.
