General public gets small allocation in Dolla IPO | Loop Jamaica

The content originally appeared on: Jamaica News | Loop News
Loop Business

47 minutes ago – Updated

Photo shows a Dolla Financial branch in Barbican in Kingston.

NEWYou can now listen to Loop News articles!

The general public that went after shares in Dolla Financial’s initial public offering (IPO) will receive one of the lowest allocations ever — just 2.5 per cent of their allocation.

Dolla Financial Services offers micro and small loans in Jamaica and Guyana.

It means that a $10,000 application would receive full allocation but anything thereafter would receive 2.5 per cent.

The Dolla IPO’s small allocation inversely reflects the unprecedented demand for the shares in the IPO.

Dolla Financial sought 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.

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.

Key partners received full allocation while company reserved shareholders received full allocation up to 8.5 million units and 2.49 per cent thereafter.

Victoria Mutual Wealth Management Limited acted as the arranger to Dolla Financial Services Limited IPO.

Refunds for applicants who did not receive the full allotment will commence today June 8, 2022.

Dolla Financial’s journey started in 2014, offering cambio and remittance Services. By 2016 the company decided to solely focus all resources on offering micro-financing solutions and discontinue its other services, stated the prospectus.

Related Articles

Business

November 19, 2021 10:18 AM

More From