Illustration: Sarah Grillo/Axios

We've all pulled out folding chairs to watch the post-Labor Day IPO parade. In particular, the floats from high-fliers like WeWork, Peloton, Cloudflare, DataDog, and SmileDirectClub.

Yes, but: Perhaps the most interesting IPO will take place 4,400 miles south of New York, in the tiny South American country of Guyana. The issuer is Pomeroon Trading, an upstart coconut and spice farm co-founded by a Stanford Business School graduate named Duncan Turnbull.

  • It only seeks to raise around $1 million but, if successful, it would be the first-ever agricultural company to list on the Guyana Stock Exchange and only the exchange's third new listing in the past decade.
  • The road-show will stop in Barbados and Trinidad, instead of in San Francisco and Boston.

Why it matters: Guyana, home to fewer than one million people, is poised to become the world's next petro-state, with Exxon Mobil's first major oil production vessel arriving just the other day. But no one knows if tiny country's government can properly manage the inflows, and companies like Pomeroon Trading could help preemptively diversify its exports (i.e., help Guyana avoid becoming the next Venezuela).

Background: Turnbull grew up in Northern England selling pigs. He later became an investment banker and then headed to Stanford, knowing he wanted to work in the agricultural industry.

  • In Guyana he saw the traditional sugar and tobacco crops, but was stunned by the relative lack of coconuts, despite the climate and growing global demand for coconut oil and coconut water.
  • Turnbull and a partner leased out a 1,000 acre farm to form Pomeroon, and got to work creating new on-farm infrastructure and processing facilities, planting dwarf trees, and testing out a few new crops (e.g., passion fruit, moringa).
  • It also hired over 50 locals (half of whom are women), and generated cash crop revenue from existing plants while the new ones grow, with expectations that the IPO would let it lease new land.
  • "It blows my mind that the Caribbean is net importer of coconuts. Even the cruise ships that go around are making handicrafts out of coconuts from India, not from countries like Guyana," Turnbull said.

The bottom line: Again, they're only seeking to raise $1 million. That's usually pocket change in this space. But, for both current Guyana residents and for the country's diaspora, it's an opportunity to invest locally at a time when one of the world's largest companies just laid contractual claim to newfound natural resources.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

Early voting eclipses 2016 total with 12 days until election

People stand in line to vote early in Fairfax, Virginia in September. Photo: Tasos Katopodis/Getty Images

Americans have cast more than 47.1 million ballots in the 2020 presidential election, surpassing the total early-vote count for 2016 with 12 days left until Election Day, according to a Washington Post analysis of voting data.

Why it matters: The election is already underway, as many states have expanded early and mail-in voting options because of the coronavirus pandemic.

What to expect from the final debate of the 2020 election

Trump and Biden at the first debate. Morry Gash-Pool/Getty Image

Watch for President Trump to address Joe Biden as “the big guy” or “the chairman” at tonight's debate as a way of dramatizing the Hunter Biden emails. Hunter's former business partner Tony Bobulinski is expected to be a Trump debate guest.

The big picture: Trump's advisers universally view the first debate as a catastrophe — evidenced by a sharp plunge in Trump’s public and (more convincingly for them) private polling immediately following the debate.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!