It was a big giveaway for those familiar with companies prepping for listing, by way of a pending initial public offer of shares. The Jamaica Observer newspaper on Wednesday, July 26, carried an advertisement for Neveast Supplies Limited, telling readers that they were celebrating 55 years of service to its customers.
The advertisement also stated that they were leader in stationery, office furniture and office supplies. In true Jamaican nationalistic style, the advert was rapped in the black, green and gold of the Jamaican flag, no doubt in synch with the 55 years of independence celebration this year.
Industry players say, they may be one of the biggest in stationery and office supplies but not of the office furniture and fixtures. Regardless, checks by this publication with persons knowledgeable about the company’s future plans, confirmed that they are likely to be the next stationery and office equipment to list on the Junior Market of the Stock Exchange. Recently, competitor Stationery and Office Supplies concluded a successful initial public offering of shares that were several times oversubscribed and are set to be the first to list when trading in the stock is expected to commence on August 9.
The brokers to the issue when it does take place, will be Mayberry Investments. Our sources state that they have been contemplating this move from at least 2016, but there are a few issues that need sorting out and should definitely be going to the market to raise capital and be listed before the end of 2017.
According to the company’s website, Neveast Supplies Limited is a family owned Jamaican company that started in 1962 when Founder, Neville East, decided to service the country’s stationery needs. Through market penetration and the help of his wife, Pamela, Neveast Supplies Limited expanded operations to include the supply of office and systems furniture.
Today, the second generation of Easts are at the company’s helm to oversee the daily operations. Sons, David, Paul and Gregory together with thirty-two other members of staff are devoted to the company’s success and ensure that Neveast remains the leader in office furniture and supplies with competitive prices on high quality products and efficient company service.
Neveast continues to be the authorized local distributor for international brands such as Teknion Inc, Global Upholstery Inc, MIN Office Furniture, Godrej, Aurora, Moderco, Virco, and a host of stationery manufacturers from across the globe. With its headquarters located in Kingston, the company’s distribution network covers the entire island of Jamaica and recently includes coverage in neighboring Caribbean countries.
IC Insider.com has been reliably informed that Mayberry Investments should be brokering another two public offers by the end of September and possibly a third by the end of 2017, while there are listings being worked on by other brokers.