Stanley Motta lists on the JSE after $4 billion IPO on 58 HWT
Sandra Glasgow, Board Director, Stanley Motta shares a moment with Melanie Subratie, Chairman, Stanley Motta; Herbert Hall, NCB Capital Markets VP, Investment Banking and Marlene Street Forrest, Managing Director, Jamaica Stock Exchange (JSE) after the property investment giant listed on the main market of the JSE recently.
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 and tech park located in the heart of New Kingston at 58 Half-Way-Tree Road. The offer which opened July 6-20, brought just shy of 1000 new investors to the market. A feat with which the JSE was pleased.
“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 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.
(L-R) - Herbert Hall, NCB Capital Markets VP, Investment Banking; Dwight Jackson, Manager, Origination and Structuring at NCBCM; Tina Smart, Property Manager, Stanley Motta; Melanie Subratie, Chairman, Stanley Motta; SML Board Directors Minna Israel, Jennifer Scott, Andrea Kinach, and Sandra Glasgow, along with Marlene Street Forrest, Managing Director, Jamaica Stock Exchange (JSE) share lens following the insertion of Stanley Motta’s strip on the JSE main market listing.
Being the largest Business Processing Outsourcing facility in the English-Speaking Caribbean, 58 HWT, boasts five building with more than 230,000 square feet of office space for BPOs and other technology-based companies, along with associated services like healthcare and food and beverage. Annually, this sector contributes more than USD230 million to the Jamaican economy employing some 20,000 persons.
According to JAMPRO, this is as a result of a number of factors. Among which is a unique, educated, service-oriented, culturally aligned and cost competitive workforce. This results in companies that engage with Jamaica, exceeding targets within months. The continued growth of the sector both locally and globally Dwight Jackson, Manager, Origination and Structuring at NCB Capital Markets explained underscores the magnitude of SML’s listing.
“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,” Jackson 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. 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.