Business

Wisynco lists on JSE today

Thursday, December 28, 2017

Print this page Email A Friend!


THE Wisynco Group Limited stock is scheduled to list on the Jamaica Stock Exchange's Main Market today.

This follows the close of its initial public offer, which garnered nearly 8,000 applications representing over $18 billion, a release said yesterday.

NCB Capital Markets, the company that acted as arranger and broker, is reporting that more than 60 per cent of all applicants were granted their full allotment in shares, even as the stock is scheduled to list on the Main Market today, the release said.

“We have now settled all accounts and are pleased that most persons were able to get what they asked for in terms of shares,” said NCB Capital Markets Assistant Vice President Herbert Hall, who added that he was heartened by the public's response.

The manufacturing and distribution company, owned and operated by the Mahfood family, offered just over 20 per cent of its shares to the investing public, which translates to 784,500,000 units of ordinary shares at a general price of $7.87 per share, the release said.

The IPO was opened on December 6 and was oversubscribed two days after, exceeding the $6.1 on offer.

Said to be the largest IPO in Jamaica's capital markets history, Hall noted that the company is poised for significant future growth.

“We anticipated that the IPO would do well, given Wisynco's connection with the Jamaican people — a homegrown company with over 4,000 products across 110 brands,” said Hall, who also pointed to the company's total average sales for last year, which was $20 billion amidst recovering from a fire.

The company, which distributes top brand food, beverages and paper products, and manufactures its own line of products, like Bigga, Wata, CranWata, and Sweet Synthetic Packaging Products, announced its decision to go public last month.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT