West Indies Petroleum Terminals surpasses NCB Financial’s market cap

West Indies Petroleum Terminals (WIPT), a storage facility operator that listed on the Jamaica Stock Exchange (JSE) just three weeks ago, has surged to a market capitalisation that now exceeds NCB Financial Group’s, one of the region’s largest banking conglomerates.

Since listing, its share price has risen 23-fold, from $0.50 in December to more than $12.20 in Tuesday morning trading. The rise positions WIPT to potentially become the exchange’s most valuable stock this week, based on trend data — an extraordinary trajectory for a company whose shares have been trading on relatively low volumes since debut.

WIPT entered the JSE’s main market through a listing by introduction in December with a market capitalisation of $5.8 billion when shares were priced at $0.50. By Tuesday morning, its valuation of more than $135 billion had surpassed NCB Financial’s $102.7 billion. Among the roughly 90 stocks on the JSE, WIPT trailed only three: Massy Holdings at $149.4 billion, Sagicor Group Jamaica at $161.5 billion, and Scotia Group Jamaica at $162 billion.

The price movement has occurred despite no reported changes to company fundamentals. Trading has been characterised by sharp swings on ultra-thin volumes — daily turnover has remained below 11,000 units, with some transactions involving as few as one to seven shares.

Market observers suggest the stock’s trajectory reflects supply constraints rather than improvements in business performance. The shares were tightly held by existing shareholders during the listing, and relatively few have since entered the secondary market.

The most recent available financial information for WIPT covers the year ended December 2024. In a filing, the company said it intends to submit unaudited financial statements for the fourth quarter ending December 31, 2025 within 45 days, and audited annual statements within 90 days of its year end, in line with JSE rules.

The broader market has experienced consecutive years of decline, resulting in muted interest in initial public offerings, as companies would have faced reduced valuations at less than twice book value. Last month, Dequity withdrew its planned IPO due to limited investor uptake.

The strong price appreciation in WIPT, however, may encourage other entities to pursue listings by introduction, rather than issuing shares to the public.

“Let’s see,” said the head of a brokerage firm, speaking on condition of anonymity.

neville.graham@gleanerjm.com