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Jamaican investors have another Initial Public Offering (IPO) to look forward to. This time it is the LAB, a leading Jamaican advertising agency that has been in the business for eleven years. The IPO is for shares for listing on the Jamaican Junior Stock Exchange. NCB Capital Markets will arrange the IPO and eventual listing activities.
In describing her reasons for launching an IPO at this time, Chief Executive Officer and founder, Kimala Bennett, stated that the LAB has been in advertising and film production for eleven years. The company guided several leading brands in Jamaica and has grown steadily with consistent financial performance.
“With several prospects at hand, we believe now is the ideal time to engage this (IPO) opportunity,” She said.
The LAB: Success from Strategy to Execution
The Limners and Bards (LAB) is described as a millennial-run firm that has successfully leveraged its roots as a film production house that produces ground-breaking commercials for several of Jamaica’s leading brands. Impressively, the clientele includes NCB, JPS, Digicel, HEART Trust/NTA, and Grace Kennedy. Also, the company won numerous international awards from the American Advertising Federation (ADDY awards) for its work.
On its website, the creative company describes itself as a “get it done agency” that is a “fully integrated 100% Jamaican born and bred advertising agency with global reach and an island swagger.” Not only is the LAB a creative and passionate team of young people with cutting edge film, graphics design, and IT skills, but it is also a solutions-oriented and no-nonsense team that places heavy emphasis on “getting stuff done!”
According to the company’s website, the LAB’s service strategy is to plan, think and position brands to win the hearts and minds of customers and earn the right to be the brand of choice every time. In addition, the team applies its creative talent to deliver results from “ideation to execution”. The end product – fresh and creative advertisements and commercials that connect with the audience in memorable ways.
Compelling Content that Satisfies Clients
One satisfied client describes the LAB as:
“Innovation with Passion.” Rachel McKenley, Senior Marketing Officer, GK General Insurance Company Ltd.
The LAB has three business units that integrate to deliver top-notch commercials for clients. These units are Agency, Film Production, and Media Facilitation Services.
But The LAB delivers advertising products that are far from mundane. As Tashara Lee Johnson, General Manager describes it, consumers have shorter attention spans. So, brands need compelling visual content constantly to remain competitive. The LAB’s advantage is its ability to quickly deliver attention-grabbing content for clients across all media platforms.
Starting from Scratch
Kimala Bennett started what will become The LAB Limited with a small budget of J$20,000 and a dream to impact the music video production market. Naturally, coming from a musical family which includes Michael ‘Mikey’ Bennett, and Nicky B, Kimala had no doubt that her music video production company would succeed. The young entrepreneur quickly realised that, though exciting, music video production in Jamaica is not sustainable. She turned her sights to the steadier corporate world of advertising. Soon enough, the vibrant young team gained a reputation for its fresh approach to advertising. The LAB quickly became the sought-after team to deliver compelling TV and media commercials.
The LAB now operates from a 5,000 square foot permanent office space. It also has a team of sixteen creative staff, and a large network of talent to tap during major productions.
Tapping into the Evolving Media Landscape
The LAB wishes to tap into the rapidly growing international media landscape. Estimated to value approximately USD 73 trillion, the global advertising industry offers room for local agencies to fill part of the demand created by the boom in the digital economy.
Listing in the Jamaica Stock Exchange Junior Market at this time offers The LAB an opportunity to get a slice of this huge market share. Admittedly, to compete in this wider market, this local creative company needs a wider service offering. So, listing in the stock exchange will allow The LAB to secure additional inventory, hire more staff, and upgrade relevant skills to ensure consistent quality and efficiency as the company scales up.