Some $10 billion is said to have chased after the 500 million shares at $1 each, offered in the Initial Public offer in Dolla Financial from approximately 10,000 applications, ICInsider.com has been advised by persons who would be in a place to know.
This could mean that each applicant may end up with an average of approximately eight percent of which they applied if over 40,000 shares.
The issue that was clearly very popular and oversubscribed closed at 4.30 on Friday, the same day of opening.
The shares are slated for listing on the Junior Market of the Jamaica Stock Exchange and are expected to more than double based on the earnings for the first quarter to March this year, with profit before tax of $66 million up from $17 million in 2021 and the high level of oversubscription.
The company reported an audited profit of $129 million after taxation of $38 million for 2021, from revenues of $379 million and ended with shareholders’ equity of $315 billion.
Archives for May 2022
$10 billion chased Dolla IPO
Dolla IPO oversubscribed and closed
The Initial Public offer of shares in Dolla Financial was oversubscribed and closed at 4.30 on Friday, the same day that the issue opened.
The issue comprised 500 million shares of $1 each with the shares slated for listing on the Junior Market of the Jamaica Stock Exchange. A very popular issue that is expected to be heavily oversubscribed, with the stock expected to more than double based on the earnings for the first quarter to March this year, with profit before tax of $66 million up from $17 million in 2021.
When listed it will bring the total Junior Market listings to 46, with three listings for the year to date and the total number of ordinary shares to be listed on that market to 50, with one failure and three migrating to the Main Market.
JSE USD market index slips
The market index slipped at the close of the Jamaica Stock Exchange US dollar market on Friday, with the volume of stocks traded dropping 73 percent and the value 94 percent from trading on Thursday, and ended with more stocks rising than falling.
Sseven securities traded, the same as Thursday, with three rising, one declining and three ending unchanged.
The JSE US Denominated Equities Index lost 0.42 points to end at 209.77. The PE Ratio, a measure used in computing appropriate stock values, averages 9.2. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending up to August 2023.
Overall, 37,542 shares were traded for US$727 compared to 137,282 units at US$12,922 on Thursday.
Trading averaged 5,363 units at US$104, compared to 19,612 shares at US$1,846 on Thursday, with a month to date average of 47,579 shares at US$3,506 versus 49,348 units at US$3,648 on the previous day. April ended with an average of 95,379 units for US$3,929.
Investor’s Choice bid-offer indicator shows one ended with the bid higher than the last selling price and none with a lower offer.
At the close, First Rock Capital USD share rose 0.6 of a cent to close at 7.95 US cents while exchanging 265 shares Margaritaville closed at 15 US cents after trading 150 stock units, Proven Investments rallied 0.5 of one cent to end at 26.5 US cent, trading 400 units. Sygnus Credit Investments USD share increased 0.15 of a cent to 12.7 US cents, with 1,746 stocks changing hands and Transjamaican Highway dropped 0.02 of a cent in ending at 0.96 of one US cent with the swapping of 34,972 stock units.
In the preference segment, JMMB Group 5.75% finished at US$2.32, with eight stocks crossing the market and JMMB Group 6% remained at US$1.10 with an exchange of one share.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE stocks bouncing off early week fall
Stocks bounced again on Friday following Thursday’s gains after prices fell on the first three days of the week as investors sought funds to purchase the attractive priced Dolla Financial Initial Public Offer that opened today. The Junior and Main Market indices recorded gains leading to the JSE Combined Index to rise 777.05 points to 399,666.18.
The All Jamaican Composite Index rose 1,636.39 points to 443,816.22, the JSE Main Index added 678.54 points to close at 387,816.69, the Junior Market of the Jamaica Stock Exchange, badly bruised in the first half of the week, gained 15.96 points to close at 4,120.05 and the JSE USD market index slipped 0.41 points to 209.77.
Investors exchanged 18,363,886 shares in all markets, with the value of stocks traded in the Main and Junior Markets amounting to a mere $98.2 million and in the JSE USD market, US$727.
The market’s PE ratio ended at 24.4 based on 2021-22 earnings and 13 times those for 2022-23 at the close of the Jamaica Stock Exchange.
Investors need a series of measures and pertinent information to successfully navigate the many investment choices in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help with decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks that are close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to take emotions out of the investment decision and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.
Declining TTSE stocks edged out those rising
Market activity on the Trinidad and Tobago Stock Exchange ended on Friday, with the volume of stocks traded dropping 83 percent and the value by 69 percent compared to Thursday.
A total of 14 securities traded similar to numbers on Thursday, with two rising, three declining and nine remaining unchanged. The Composite Index gained 0.77 points to end at 1,416.02, the All T&T Index advanced 1.48 points to 2,062.17 and the Cross-Listed Index remained unchanged at 101.45.
A total of 63,596 shares traded for $1,889,500 compared to 381,213 units at $6,106,922 on Thursday. An average of 4,543 units traded at $134,964, down from 27,230 shares at $436,209 on Thursday, with trading month to date averaging 35,886 units at $283,584 versus 55,646 units at $486,471. The average trade for April amounts to 43,127 units at $458,871.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Angostura Holdings finished at $22.90 after trading 2,136 shares, Calypso Macro Investment Fund remained at $20.50 in exchanging 30 stocks, Clico Investment Fund ended unchanged at $28.80, with three stock units crossing the exchange. Endeavour Holdings slipped 1 cent to $7.49 in an exchange of 58 units, First Citizens Group remained at $53 after trading 2,469 units, FirstCaribbean International Bank finished at $5.25 in trading 500 shares. JMMB Group ended at $2.50 in switching ownership of 43 stocks, Massy Holdings popped 1 cent to $5.21 while exchanging 5,680 stock units, National Enterprises popped 2 cents to close at $3.02, with 200 stock units clearing the market. Republic Financial Holdings lost 9 cents in ending at $140.01 after trading 5,919 shares, Scotiabank ended unchanged at $78, with 500 stocks changing hands, Trinidad & Tobago NGL declined 5 cents ending at $20.75, with 210 units crossing the market. Unilever Caribbean ended at $17.50 with an exchange of 45,673 shares and West Indian Tobacco finished at $23.50 after exchanging 175 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading drops on JSE USD market
Trading on the Jamaica Stock Exchange US dollar market closed on Thursday, with the volume of stocks traded declining 77 percent after the value dropped 87 percent lower than on Wednesday and resulting in seven securities trading, compared to 10 on the previous day, with one rising, three declining and three ending unchanged.
The JSE US Denominated Equities Index shed 0.22 points to end at 210.19. The PE Ratio, a measure used in computing appropriate stock values, averages 9.1. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending up to August 2023.
A total of137,282 shares traded for US$12,922 versus 585,815 units at US$99,060 on Wednesday. Trading averaged 19,612 units at US$1,846, compared to 58,582 shares at US$9,906 on Wednesday, with a month to date average of 49,348 shares at US$3,648 versus 50,649 units at US$3,727 on the previous day. April ended with an average of 95,379 units for US$3,929.
Investor’s Choice bid-offer indicator shows one ended with the bid higher than the last selling price and none with a lower offer.
At the close, First Rock Capital USD share lost 0.59 of a cent to end at 7.35 US cents with an exchange of 1,344 shares, Margaritaville remained at 15 US cents with six units changing hands, Proven Investments finished at 26 US cents, with 23,185 stock units crossing the market. Sygnus Credit Investments USD share declined 0.33 cents to 12.55 US cents in switching ownership of 13,921 stocks and Transjamaican Highway fell 0.02 of a cent to close at 0.98 of one US cent, with 96,811 shares crossing the market.
In the preference segment, JMMB Group 5.75% climbed 29 cents in closing at US$2.32 with an exchange of 1,469 stock units and JMMB Group 6% ended unchanged at US$1.10, with 546 units changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.