KINGSTON, Jamaica — The Wisynco Group Limited is announcing that its Initial Public Offering which opened on Wednesday closed this afternoon with a preliminary tally showing subscriptions exceeding $17 billion, well beyond the $6.1 billion on offer.

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.

Based on 2017 and year-to-date earnings, Wisynco came to the market at a P/E of 12.82X and an implied value of $29.5billion. The offer closed seven days before its scheduled close date of December 15.

 Said to be the largest IPO in Jamaica’s capital markets history, arranger and lead broker, NCB Capital Markets says 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 home grown company with over 4000 products across 110 brands,” said NCB Capital Markets Assistant Vice President Herbert Hall, who also pointed to the company’s total average sales for last year, which was $20 billion amidst recovering from a fire.

“The response and demand were extraordinary, allowing us to meet the company’s objectives, and at the same time allowing NCB Capital Markets to demonstrate our ability to handle large and complex deals,” said Hall.

The company, which distributes food, beverages and paper products, announced its decision to go public last month.