On June 24, 2025, the Jamaica Stock Exchange (JSE) welcomed Barita Investments Limited (BIL) to the Exchange as it listed seven (7) tranches of bonds on the JSE’s Bond Markets.
These senior unsecured fixed-rate bonds of Barita Investments Limited were published on March 19, 2025, with the Offers opening on March 28, 2025, and closing on May 26, 2025. The Company raised US$20 million and approximately JA$3.74 billion, for a total of $7.94 billion, from the Offer, making it collectively the largest Offer raised for 2025 and the largest total IPO bond offer!
Including the seven (7) bonds, the number of securities listed on the JSE’s Bond Market increased to sixteen (16). The listing of the seven tranches increased the total new securities listed for the year to 14 new listings, compared to the JSE’s budget of 15 new listings for the year. The BIL’s IPO Bond Offer increased the total amount of capital raised from IPOs for the year to $21.68 billion raised from the market. This is the third (3rd) bond IPO and the fifth (5th) listing for 2025. Based on these listings, the total number of listed securities increased to 161. On listing, each tranche of the BIL’s bonds commenced trading at US$1 / JA$1.
Dr. Marlene Street Forrest, Managing Director, JSE, in her welcoming remarks, lauded BIL on its achievement. “I am pleased that you could be here today to participate in the listing of not one but seven (7) tranches of bonds on the JSE’s Bond Market. We are excited to have BIL, which is a listed company that has listed its ordinary shares on the main market, now listing these bonds on the Bond Market. In fact, BIL has utilized all the markets of the Exchange, which is a testament to their belief in the Stock Exchange as an avenue for mobilizing capital.”
She further added, “The success of the Offer can be attributed in part to the lead broker Barita Investments Limited. I want to thank all the entities involved in taking companies from conception of the plan to raise capital on the market through to the actual fulfilment and to the listing ceremony. The market works, and I am encouraging more companies to capitalize on the power of the market to energize businesses and effect strategic initiatives by raising capital.”
Mr. Ramon Small Ferguson, Chief Executive Officer, Barita Investments Limited, expressed his gratitude to everyone for their support and reiterated Dr. Street Forrest’s statement that “Barita Investments is no stranger to the market.” He spoke about BIL’s first foray into the capital markets with their IPO in 2010. “Since then, we’ve returned to the JSE’s Capital Markets four times; twice for rights issues in 2019, that is, March and September respectively, both were oversubscribed. We opened the capital markets in 2020 with our landmark APO, raising a record $13.5 billion. At the time, it was a very daunting transaction. This was then followed by another APO that raised $10.8 billion. Therefore, we make use of the markets to raise capital for investment. We thank the investors for the confidence they have placed in us. It’s not a responsibility that we take lightly. We are fiduciaries of your money. We’ll continue to be responsible and prudent and make your money work for you,” Mr. Small Ferguson emphasized.
Ms. Terise Kettle, Senior VP, Investment Banking, in her closing remarks stated, “In 2018 alone, U.S. capital markets raised $2.4 trillion for businesses through corporate debt and equity issuance. This is not just a number; it’s a powerful illustration of how capital markets can act as engines of economic growth. Let us continue to channel savings into productive investments, while providing short, medium, and long-term funding. Let us continue to support Jamaican businesses by empowering visionary financial solutions. Barita Investments Limited remains resolute in its mission to create value, inspire confidence, build trust, and unlock new avenues for growth.”
 tranches of bonds on the JSE’s Bond Markets.){kind=link}