The Jamaica Stock Exchange (JSE) opened a new market for small companies this week, with 10 firms already in preparation to raise between J$50 million and J$100 million each through public listings.
No timeline was given for when the companies would be ready to list, but JSE Chief Executive Livingston Morrison said the firms span several business sectors, including light manufacturing and services.
“We have some 10 companies that have expressed keen interest, and they are working with our business development team,” Morrison told the Financial Gleaner. “If a company comes tomorrow and wants to go forward, we are ready to accommodate them.”
The companies have been placed in the Micro Market sandbox — a simulated environment in which firms can learn and prepare for listing before they are ready to do so — following the exchange’s launch at the Terra Nova All-Suite Hotel in St Andrew on June 23.
“From here on, it is about the work of the brokers in advising and guiding the companies through the process, which will culminate in the issue of prospectuses and IPOs that will encourage investors to purchase shares. And from there, we will get into the listing,” Morrison said.
Morrison said the Micro Market would complement existing capital-raising mechanisms for micro, small and medium enterprises, including loan financing, angel investing, venture capital, incubators and accelerators.
The rules governing the Micro Market differ from those of the JSE’s junior market in several respects. They make provision for a sponsor who takes an equity stake in a listed entity, while also providing technical advice. Listed companies must also have a minimum of three independent board members and an established audit committee. The JSE has provided a list of mentors from which Micro Market firms can invite members to serve on their boards.
“We’re doing this because at the end of the day, we need to ensure that any company listed on the Micro Market exchange will command the confidence of the average Jamaican who is prepared to invest in that company. Without that confidence, you won’t have the successful listing that you want,” Morrison said.
The Micro Market was first announced by Minister of Finance Fayval Williams during her Budget Speech in March 2025.
“The Jamaica Stock Exchange does not determine the timeline. What we insist on is, companies must be ready to meet the listing requirements and to satisfy the compliance requirements,” Morrison told the Financial Gleaner.
luke.douglas@gleanerjm.com
