Dan Theoc, Senior Vice President of Investment Banking at Mayberry Investments Limited, has projected a surge in initial public offerings (IPOs) for 2025, buoyed by recent policy amendments and a robust pipeline of companies preparing to list.
“We are expecting a much more active year for the Junior Market in 2025,” Theoc remarked during the first Mayberry Forum of the year, where Finance Minister Fayval Williams was the guest speaker.
Minister Williams announced a proposal to Cabinet to increase the Junior Market listing cap from $500 million to $750 million, a move expected to stimulate greater activity in the market.
“Several companies are currently in the pipeline, and with the recent increase in the Junior Market cap, we believe that the market will see a greater number of IPOs this year,” Theoc added.
Since its establishment in 2009, the Junior Market has demonstrated consistent growth, delivering compounded annual returns of approximately 22 per cent. This strong track record has solidified its reputation as a key platform for smaller companies to access capital and expand operations. The increase in the listing cap is anticipated to further enhance its appeal to both companies and investors.
Theoc noted that the updated cap addresses challenges posed by inflation and currency devaluation, which had made the original $500 million threshold less practical.
“Many companies that had previously been on the sidelines due to the cap size are now considering going public,” he said. “This change is going to unlock new opportunities for both companies and investors alike.”
Mayberry Investments has played a pivotal role in the Junior Market’s development, facilitating the listing of over half the companies on the exchange. This involvement underscores the firm’s commitment to supporting small and medium-sized enterprises (SMEs) in their journey to raise capital and scale their operations.
“We’re extremely proud of the role we’ve played in bringing these companies to market,” Theoc noted.
Executive chairman Chris Berry echoed this sentiment, stating, “At Mayberry, we’ve always believed in the potential of the Junior Market. It offers small companies the chance to raise capital, increase visibility, and expand their operations. And the results speak for themselves—many of these companies have seen significant growth.”
Berry further described the Junior Market as “one of the best initiatives Jamaica has ever had,” highlighting its impact on fostering economic growth and innovation.
