Following an oversubscribed IPO brokered by VM Wealth Management, ISP Finance Services Limited (ISP) was successful in securing the Jamaica Stock Exchange’s (JSE) approval to list on its Junior Market.

This listing follows the company successfully raising $116,118,000 from its IPO surpassing the $97.9765 million target, resulting in an early closure of the offer after only 1 minute.

The IPO which opened March 21 attracted 116 applications for 48,982,500 shares of the company inclusive of 45,900,000 reserved for directors and employees. All shares were offered at a price of J$2.00 each.

While speaking at the listing ceremony, Devon Barrett, General Manager, VM Wealth Management said “ISP Finance demonstrated all the characteristics of a properly organized company,” he went on to say that VM “expects their good performance to continue into the foreseeable future and that the new and existing shareholders will see significant benefits”.

ISP is the second micro-lending institution to list on JSE after seven (7) years.

The IPO according to CEO of ISP Finance Services, Dennis Smith “will be used to pay down indebtedness which will enable us to bolster our balance sheet and build our capacity to take on debt in the future. Our board recognizes that the market for short-term personal and micro loans holds tremendous growth opportunities. This capital injection will thereby put the company in a position to raise further capital that it intends to use to expand its loan portfolio and thereby increase the company’s market share of the overall market for small and micro loans.”