OMNI Lists on the JSE; Rallies in First Day of Trading

• OMNI Industries Limited (OMNI) successfully listed on the Jamaica Stock Exchange (JSE) Junior Market and began trading under the symbol OMNI, on Tuesday, June 11, 2024. OMNI is the first listing on the Junior Market for 2024.
• Dr. Marlene Street Forrest, Managing Director of the JSE, stated, “This augur[s] well for the economy and for wealth creation and for long-term investment. Despite the challenging times, OMNI’s 500,000,000 Ordinary Shares were oversubscribed. Its Initial Public Offer (IPO) allowed the Company to raise capital of $500m and to add 2,686 investors to its register of shareholders.”
• Mr. Patrick Kumst, OMNI’s Managing Director, said, “Looking ahead, our strategic vision is clear. We plan to modernize our operations by upgrading our existing equipment and investing in new more efficient machines. This is not only to enhance our production capacity but also to drive operational efficiencies and cost savings. We are also committed to expanding our product offerings and exploring new markets in the Region.  Innovation and operational excellence are at the heart of our journey.”
• On its first day of trading, the availability of OMNI’s shares on the Junior Market was met with high demand and trading of OMNI’s shares had to be halted due to the vigorous demand for the stock and an increase in price, which triggered the JSE’s Circuit Breaker Rule.
• The JSE’s Circuit Breaker Rule is activated when a stock’s price rises above 15% or falls below 15% of its price during the trading day. OMNI began trading at a list price of $1.00 and increased to $1.30 at the end of its first trading day, on Tuesday. This represents a 30% increase in the stock price.

(Source: JSE)