One Great Studio comes to market

One Great Studio Company seems set to be the 49th listed Junior Market company and the second to list in 2023, a year of limited interest in listings.
The Company was incorporated in Jamaica in July 2012 and provides web design, search engine optimization, web development and software development services.
Just over 338.62 million Ordinary Shares are being sold to the public at $1 each, with half of the amount reserved for Key partners. Applications must be for a minimum of 10,000 Shares. Some $338.6 million is slated to be raised from the issue. Some of the proceeds will be used to reduce long-term loans.
A total of 1,354,503,636 shares are currently issued and will climb to 1,693,131,075 units if the issue is entirely taken up.
The Invitation will open on August 28, with the Closing Date set for September 18, but it should close very close to the opening date. Barita Investments are the broker for the issue.
Increase in revenues since 2021 shows strong growth, with the quarter to March this year generating sales of $115 million,  up from $44 million in the first quarter of 2022, an increase of 160 percent and amounts to 48 percent of the full year revenues of $239 million to December last year. Revenues in 2021 amounted to $128 million.

Djuvane Browne, Chief Executive Officer.

Pretax profit amounts to $29 million for the March 2023 quarter versus $35 million for the twelve months to December 2022, compared to pretax profit of $29 in 2021. Projections by the Company show revenues rising to $538 million for 2023 and pretax profit of $137 million, if achieved, it will result in the PE ratio of the IPO being 10 times current year’s earnings, with the stock likely to double after listing.
Consistent with our projected increases in revenues, we are projecting that with the incorporation of the business infrastructure and other operations, to see growth in Profit before Tax moving from $35.47 million in 2022 to $136.92 million in 2023.
The group delivered a gross profit margin of 52 percent for the March quarter, with 2022 delivering 53 percent and 59 percent for 2021.
Total current assets in March 2023 amount to $178 million, with cash and Investments of $131 million. Total current liabilities ended at $57 million, Long-term loans amount to $290 million, with shareholders’ equity of $181 million.
The directors are John Bailey, Djuvane Browne, Chief Executive Officer, Gina DeLisser, and Jacqueline Sharp, former CEO of Scotia Group, who are all listed as business persons. At the same time, Simone Bowie Jones and Marc Ramsay are Attorney-at-Law.

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