A week after launch, NCB Merchant Bank (Trinidad and Tobago) Limited, a subsidiary of NCB Capital Markets Limited, is brimming with excitement as the initial public offer (IPO) of Eric Solis Marketing Limited (SOLIS) opens today (July 17). 

This is the first IPO to be launched in the twin-island republic in five years and seeks to be listed on the Trinidad & Tobago Stock Exchange’s (TTSE) SME Market.

NCB Capital Markets attributes this achievement to the implementation of its comprehensive SME IPO Hub, technological innovations and regional market-making and wealth-building expertise.

Angus Young, chief executive at NCB Cap Markets, speaking at the SOLIS IPO launch event, noted, “NCBMBTT has identified the SME market as an opportunity to further develop the equity capital markets in Trinidad and Tobago and our value proposition is grounded in deliberately leveraging the following three resources; 1) the intellectual capital and experience of subject matter experts and practitioners in Jamaica, 2) GoIPO.jncb.com, which is a fully online IPO subscription platform and 3) the recent favourable fiscal policy changes made to the legislation governing the SME IPO platform at the TTSE.”

Young continued, “NCBCM remains steadfast in its commitment to developing and providing flexible solutions for SMEs to unlock capital to catapult economic growth regionally.”  

NCB Merchant Bank serves as the lead broker, arranger, and underwriter of the offer, which is now open and closes on August 9.

SOLIS Group managing director Rishi Badaloo asserts, “We are particularly pleased to have reached this stage in our journey as a business and we are grateful for the confidence NCB has placed in us as demonstrated by the full underwriting of the offer, even before going to market.”

The company issued 2,750,000 ordinary shares at TT$4.00, valued at about J$247,500,000. According to the prospectus, SOLIS has earmarked the use of funds after offer-related fees as follows, “… approximately 50 per cent allocated capital expenditure in relation to office equipment intended for rental purposes, and the remaining 50 per cent to facilitate general working capital requirements and acquisition of new lines of business over an estimated 18-month timeframe.” 

SOLIS is a leading provider of multifunction printers (MFPs), managed print solutions and commercial displays in Trinidad and Tobago; authorised dealer for major international brands such as Lexmark, Konica Minolta, HP, Brother, RISO, Fellowes and Samsung.

SOLIS’ Badaloo, stressing the significance of this undertaking and its implications, said: “We are very excited to bring citizens of Trinidad and Tobago along with us as we unlock this incredible stage in our journey and are honoured to have our investors share in our success.” The SOLIS IPO is now open to citizens of Trinidad and Tobago.

NCB Capital Markets Limited recently facilitated the OMNI Industries Limited IPO and NCB Financial Group Limited’s additional public offer (APO), the first two public equity offers listed on the Jamaica Stock Exchange (JSE) for 2024.