Stanley Motta lists on the JSE after $4-billion IPO

Sunday, August 26, 2018

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Stanley Motta Limited (SML) listed on the Jamaica Stock Exchange (JSE) Main Market on Wednesday, following its successful initial public offering (IPO) which raised in excess of $4 billion last month.

The IPO offered investors a share in SML's ultra-modern 58 HWT — a business processing outsourcing (BPO) and tech park located in the heart of New Kingston at 58 Half-Way-Tree Road. The offer, which opened July 6 and closed on July 20, brought just shy of 1,000 new investors to the market.

“The raising of this much capital is truly a reflection by the public of the confidence that investors have in the capital market and, most importantly, in the company in which they will become shareholders and indeed stakeholders,” said Marlene Street Forrest, managing director, JSE. In addition, she explained that this listing has contributed significantly to the US$20.5 billion raised across all markets in 2018.

Also, the shares, valued at $5.13, has increased the JSE's market capitalisation from $1.277 trillion to $1.281 trillion across all markets.

Having reinvented itself over the last few years from a “shell of a company” to create a valuable commercial property development, Stanley Motta Chairman Melanie Subratie said the team is excited as it looks forward to being a part of the growth of Jamaica's financial services sector, providing returns to shareholders in both income and property appreciation. SML also prides itself on having the first all-female board of a listed company in Jamaica.

“But don't let this just be about the females in the room,” Subratie warned. “They (the board of directors) are all empowered, professional women who were chosen for their gifts and their experience in helping to bring that growth and to develop Stanley Motta as a company. So I call on every Jamaican company to try to embrace diversity on boards and to increase female representation on boards,” she said.

Being the largest business process (NCBCM) outsourcing facility in the English-speaking Caribbean, 58 HWT boasts five buildings with more than 230,000 square feet of office space for BPOs and other technology-based companies, along with associated services like health care and food and beverage.

Annually, this sector contributes more than US$230 million to the Jamaican economy, employing some 20,000 people. According to Jampro, this is as a result of a number of factors, including a unique, educated, service-oriented, culturally aligned and cost-competitive workforce.

“With this listing, Jamaicans will not only benefit from the BPO sector through direct and indirect employment, but now there is the opportunity to become owners of an asset that is key to the success of the sector,” Dwight Jackson, manager, Origination and Structuring at NCB Capital Markets (NCBCM), said. NCBCM was the lead broker and arranger for the IPO.

At present, Stanley Motta has signed BPO giant Alorica — a California-based company operating in some 16 countries with 140 locations, including two in Jamaica — as a tenant. Alorica recently opened its offices at 58 HWT, tripling its service space and increasing its employee cohort to about 3,500, up from 900 at its Portmore location.

With the success of this IPO, Stanley Motta said the tech hub is slated for further expansion, which in turn is expected to facilitate more jobs in the BPO industry locally.

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