NCB Capital Markets Limited (NCBCM) announced that it will co-broker Jamaica’s first social Initial Public Offering (IPO), Project STAR, and waive all associated fees, enabling Jamaicans to seamlessly participate in this historic event.
According to the company, this move firmly underscores its commitment to inclusivity and accessibility, as every participant will have an equal opportunity to partake in this inaugural IPO.
“The introduction of NCBCM’s GoIPO in facilitating ‘contributions’ through the Jamaica Social Stock Exchange marks a significant milestone for Jamaica’s charity, social enterprise, and corporate social responsibility initiatives. By offering fundraising opportunities that promote broader accessibility and inclusivity, it has revolutionised the way Jamaicans can engage with social investments,” Project STAR Project Lead, Saffrey Brown.
The Project STAR social IPO aims to address long-standing social challenges faced by Jamaica, particularly those most likely to contribute to crime and violence.
CEO of NCB Capital Markets Limited, Steven Gooden, shared his excitement about the launch of the IPO, noting: “Project STAR is committed to making a significant difference in social issues, and so NCBCM is delighted to support a forward-thinking strategy for social intervention. This signifies a historic milestone for Jamaica, and we feel privileged to be involved in this endeavour.”
With a fundraising target of $100 million, the IPO proceeds will contribute to Project STAR’s first-year budget of $250 million. The remaining $150 million will be sourced from donations by large corporates and philanthropists.
“It is important to note that Project STAR stocks represent charitable contributions, and are not intended for trading among investors on the exchange, nor will they result in financial gains by participating investors. So, investors should view their participation in this raise as their investment in a better Jamaica,” stated Brown.
Gooden also pointed out that the Project Star social IPO signifies a notable advancement in tackling social challenges through innovative financial solutions. According to Gooden, the Project STAR IPO democratises access and promotes shared ownership in addressing the necessary changes for a brighter future in Jamaica.
“It was critical for us to give as many people access to the social IPO via our digital platform, GoIPO, and we anticipate that this initiative is going to transform philanthropy in Jamaica. With Jamaicans from all walks of life being able to participate in social impact projects such as Project Star we see the potential for the collective efforts behind this initiative, being the catalyst for the change we all want to see. NCBCM is committed to seeing this process through and lending the support of our teams, and technology to do same,” Steven Gooden, CEO, NCBCM.
GoIPO, introduced by NCB Capital Markets Limited in 2019, allows investors to open an investment account, acquire shares offered to the public during initial and additional public offerings and participate in bond offerings.