Sagicor Investments Jamaica has advised of the basis of allotment of the 380-million initial public offer (IPO) of shares in One On One Educational Services Limited.

Sagicor Investments Jamaica, which is the lead broker on the IPO, indicated the methodology and allotment of the shares would see applicants in the convertible loan conversion pool receiving full allotment of their subscription, while applicants in the key strategic partners pool also get the full allotment of subscription.

Applicants in the Sagicor Pool will receive the first 450,000 units plus a pro-rata allocation of approximately 1.11 per cent of the balance in excess of 450,000 units and applicants in the teacher’s trainers pool will receive the first 80,000 units plus a pro-rata allocation of approximately 3.47 per cent of the balance in excess of 80,000 units.

Employers and general pool

Applicants in the employees pool will be apportioned shall receive the first 500,000 units plus a pro-rata allocation of approximately 69.83 per cent of the balance in excess of 500,000 units while all applicants from the general pool will get the first 5,000 units plus a pro-rata allocation of approximately 2.23 per cent of the balance in excess of 5,000 units.

The IPO, which was opened on August 12 was closed on the said day because it was heavily oversubscribed. It was priced at J$1 per share.

The company intends to use the funds raised by the IPO to capitalise on long-standing strategic growth identified by investing in next-generation learning content for new and existing markets as well as investing in adaptive learning technology using machine learning and artificial intelligence ideas to personalize learning

Headquartered in Kingston, One On One Educational Service’s online learning platform offers personalised digital education and training solutions for governments, businesses, and individuals across the Caribbean. Clients benefit from e-learning courses, online training, instructional design services, and expert tutors and trainers.