Printing solutions provider Eric Solis Marketing Ltd (Solis) is gearing up for its upcoming initial public offering (IPO) on the TT Stock Exchange (TTSE) set to take place from July 16 to August 9.
The company will be launching the IPO at the TT Chamber of Industry and Commerce, with around 150 industry regulators and stakeholders expected to attend. Solis plans to issue 2,750,000 ordinary shares at $4 each, making up one-third of the total issued ordinary shares in the company.
The IPO is open to individual local investors, institutional investors, financial institutions, and registered companies in TT. NCB Merchant Bank TT Ltd (NCBMBTT) is set to lead as Solis’ broker and underwriter for the offering.
According to Solis chair Angella Persad, the IPO signifies a significant milestone in the company’s 50 years of business. It reflects the company’s growth and credibility, rooted in family values, and presents an attractive investment opportunity to the market.
Group managing director Rishi Baddaloo expressed gratitude towards stakeholders such as staff, suppliers, bankers, and shareholders for their contributions to the company’s success. Solis, a dealer for renowned brands like Konica Minolta, Risograph, hp, and others, specializes in renting and servicing multifunction printers and photocopiers.
The company also provides software solutions for print cost management and remote device monitoring. In addition to printers, Solis supplies office automation tools including scanners, shredders, and interactive displays.
Originally established as a family business, Solis was acquired by The Office Authority Ltd in 2017 before becoming part of a larger group of companies. NCBMBTT, the underwriter for the IPO, is licensed by the Central Bank and regulated by the TT Securities and Exchange Commission (TTSEC). The organization is a subsidiary of National Commercial Bank Jamaica Limited (NCBJ), which is part of the NCB Financial Group Limited (NCBFG).
NCBMBTT CEO Marli Creese expressed excitement about facilitating Solis’s entry into the public equities market, marking the first IPO in over five years. She emphasized the company’s robust growth and commitment to excellence, offering access to TT citizens via a digital equities application portal – GoIPO – available on its website.
Solis has been approved as a reporting issuer, with a prospectus receipt issued by the TTSEC. Interested investors can obtain copies of the prospectus from NCBMBTT or access it on the TTSE and Solis’ websites from July 16. The prospectus offers detailed information to guide potential investors in making informed decisions and understanding their rights, including insights into company leadership and management.
