Solis, a PRINT solutions provider, made a daring move a year ago by opening itself to the public through an initial public offering (IPO), in hopes of inspiring other small and medium enterprises (SMEs) in the market. The IPO went live on July 16, offering 33% of ordinary shares at $4 each.
Minister Brian Manning commended Solis for taking this step, highlighting the potential for steady dividends, business operation development, and expansion through new technologies for investors. NCB Merchant Bank TT (NCBMBTT) is the underwriter for Solis, enabling the company to take on various investments.
Solis focuses on selling, renting, and servicing multifunctional printers and business equipment, with plans to expand its machinery rental model. Managing Director Rishi Baddaloo emphasized the benefits of the rental model, making revenue projections predictable for up to three years.
Employees at Solis are encouraged to invest in the IPO, allowing them to have a stake in the company and benefit from dividends and capital appreciation. Chairman Angella Persad sees the listing as an opportunity for SMEs to ensure longevity and succession for their businesses.
Looking at the comparison between the SME market in TT and Jamaica, Baddaloo highlighted the advantages of going public, attracting patient capital for growth and improved human talent. NCBMBTT played a significant role in ensuring governance compliance and assessing Solis’ financial health during the IPO process.
CEO Marli Creese discussed the firm’s strategy to encourage more TT SME listings, leveraging their expertise to develop the market. Creese acknowledged the concerns of business owners regarding control and transparency but remains optimistic that other SMEs will follow suit.
NCBMBTT has developed a web portal, GoIPO, to facilitate digital IPO applications, making the process more accessible and efficient. The firm also offers free online educational webinars to educate individual investors about the opportunities of investing in IPOs.
Overall, Solis’ IPO listing marks a significant step towards promoting transparency, growth, and development in the TT SME market, with hopes of inspiring other businesses to consider going public.
