Five non-profits aiming to raise a combined $90 million as a precursor to listing their projects on the Jamaica Social Stock Exchange, the JSSE, have amassed 15 per cent of the target on the first day of the launch of the pledging website on Monday.
Members of the public can pledge funds to any of these projects over the next three months via www.jsse.jamstockex.com, after which the operations that are fully funded will list on the social exchange.
Candidates for the social exchange may raise between $5 million and $25 million for projects. Those needing more time to hit their fundraising target will get an extension, said Managing Director of the Jamaica Stock Exchange, JSE, Marlene Street Forrest.
The entities that list will be required to produce financial reports on their operations, as well as updates on projects, Street Forrest told the Financial Gleaner.
The JSSE had its formal launch at the JSE Capital Markets Conference in January, with Prime Minister Andrew Holness revealing the five prospective listings as Agency for Inner-city Renewal (AIR), Alpha School of Music, Choose Life International, Deafcan Coffee and Praise Jamaica.
“We already launched the JSSE in January, but today, we launched the website for accepting pledges,” said Street Forrest on Monday after the bell-ringing ceremony to mark the occasion.
Nearly one dozen other projects are vying to get a chance to raise funds and list, she added.
“We want to space out the applications. There is a rolling timeline. Entities can apply at any time, but consideration for listing will be done in February, July and October,” she said.
Street Forrest sees the JSSE as a potential feeder for the Micro Stock Exchange, which is under consideration for the listing of MSMEs, and which, in turn, could feed the Junior Stock Exchange, JSE, and then the JSE Main Market, as the companies mature.
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