One on One Educational Services to raise $358M from IPO
One on One Educational Services, one of the Caribbean’s leading e-learning providers, plans on raising over $358 million, in its initial public offering with intentions to list on the Junior Market of the Jamaica Stock Exchange (JSE).
Sagicor Investments Jamaica Limited is the lead arranger and broker for the offer, which is scheduled to open August 12, 2022.
According to the President and CEO of One on One, Ricardo Allen, “the IPO funds raised will be used to capitalise on long-standing strategic growth identified by investing in next generation learning content for new and existing markets as well as investing in adaptive learning technology using machine learning and artificial intelligence ideas to personalize learning.”
This Allen said includes investment in the expansion of the company’s service base, technological innovation, and infrastructure. There are also plans to grow its subscription numbers for existing services in order to deliver the best service quality and products to its customers.
Allen said that he believes the short-term prospects for the company that has experienced rapid growth and transformation from being just a tutoring company in Kingston has grown to over 250,000 learners across 15 countries since its inception in 2013 are enormous and extremely positive; and makes it an opportune time for the company to invite investors to share in its future successes.
“We are confident that we have a team with the necessary capabilities, and we are in the process of expanding our capacity to maximize the potential that the market for online learning has to offer. We believe e-learning runs on One on One,” Allen said.
Theola Moore Bruce, Manager, Capital Markets of Sagicor Investments said the team is excited to throw its support behind One on One, sharing that Sagicor Investments has an established relationship with the entity. “At Sagicor Investments we are at an exciting stage in the relationship with One on One that we established years ago, and it is an honour for us to be a part of this milestone for the company as the lead arranger and broker in its IPO”, said Moore Bruce.
“Allen has shown that he is committed to developing our nation through education and training. From his beginnings of helping his peers to excel in mathematics nine years ago, to building a regional ed-tech company, speaks not only of his passion but to his commitment to creating engaging and informative learning content for the benefit of the Caribbean region”, she said.
One on One Educational Services is putting up for offer 380,000,000 shares or 20 percent of its business to investors, a third of which is devoted to the general public. Underscoring the company’s mantra ‘I Am One, Be One Too’, One on One has reserved shares for its strategic partners, the lead broker, teachers, trainers and its employees.
"Our revenue growth has averaged 120 percent over the past three years, and with this injection of capital we expect to continue growing at a rapid rate. One on One will benefit from the growth that will emanate from our development and dissemination of top-notch learning content and our efforts to capitalise on opportunities across Jamaica, the Caribbean, and the rest of the world,” Allen added.
“One on One is a business with high growth potential. Its performance over the past years is extremely encouraging and we are also very impressed to learn of the institution’s pass rate for key subjects like mathematics. The company has proven itself to be a major facilitator of e-Learning and we are happy to be a part of the journey,” Moore Bruce continued. “We believe this venture is a perfect pairing that underscores innovation and the need for technological integration. Subscribers to the One on One offer can do so with ease through our eInvest IPO platform,” said Moore Bruce.
The IPO is priced at $1 per share while a few applicants from one reserved pool will be offered the share at a discounted price of $0.80. In addition to improved returns on share value, One on One Educational Services has stated its intent to pursue a liberal dividend policy that projects an annual dividend of 25 percent of net profits available for distribution.
Headquartered in Kingston, the award-winning online learning platform offers personalised digital education and training solutions for governments, businesses, and individuals across the Caribbean. Clients benefit from e-learning courses, online training, instructional design services, and expert tutors and trainers.