Will SOS be the 35th Junior listing?

The Jamaica Stock Exchange Junior Market should be see its 35th listing and 31st ordinary share listing well before the summer months are over, as small and medium sized companies seek the exposure and other benefits of listing, that the market offers.
The family owned, stationery, office furniture and equipment company, Stationery and Office Supplies (SOS) is preparing to float an IPO with the intention to list its ordinary shares on the Junior Market.
The company run by Managing Director, David McDaniel, and Director and wife, Marjorie McDaniel, with second generation McDaniels also leading the management team, retained JN Fund Managers has been as the brokers handling the offer.
The company operates a warehouse showroom space occupying 35,000 sq ft on 23 Beechwood Avenue in Kingston and a second location in Montego Bay, servicing Jamaica and the Caribbean region. SOS employs more than than 100 employees, a release from the company stated. Our source suggests that the high numbers is reflective of demands on the stationery side that requires large number of staffing to handle, sell and distribute to customers.
Stationery & Office Supplies is a company that my family has built over the years, and we’re proud of being a successful Jamaican business. Fifty years is no mean feat and we have managed to grow, expand, and adapt with changing times. Listing on the Junior Market of the JSE is a step that we’re looking forward to, not just from a financial perspective, but also for what it means to other companies” said David.
Our source within the sector indicates that it is very competitive, with a number of dominant players which includes SOS, Neveast, Keith Ryan, Campbells and T Geddes Grant on the office furniture side and Sangsters being the most dominant for stationery. Other players are said to include PriceSmart and Mega Mart both covering stationery and office furniture. T Geddes Grant was formerly in stationery but the Massy Group to which it belongs exited citing losses being incurred as the reason.
The market is estimated around $2 billion with gross profit margins of 15-20 percent for stationery and 20 percent for office furniture. Filing cabinets and chairs are said to be two of the largest selling item for offices. The listing of SOS will like other listing gain added exposure from the listing both from the publicity leading up to the listing and after as reporting of trading in the company’s shares is beamed to consumers.
The company will be the first with the line of products listed on the Jamaica Stock Exchange if the issue is successful. The listing would bring to 8 the number of Junior Market companies involved mainly in distribution of goods. IC Insider.com understands that the issue should hit the market before the end of May. That time frame may be subject to the Financial Services Commission having no objection to the offering document.

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