Saturday 18 August, 2018

Indies Pharma Jamaica oversubscribed in a day

Indies Pharma Jamaica Limited which distributes medicines at pharmacies island wide including its own in Montego Bay will go public this month in an attempt to raise roughly $390 million.

Indies Pharma Jamaica Limited which distributes medicines at pharmacies island wide including its own in Montego Bay will go public this month in an attempt to raise roughly $390 million.

The initial public offer (IPO) of Indies Pharma Jamaica Limited was oversubscribed within a day of opening the offer.

The 266.5 million units offered by the company which distributes drugs and owns two pharmacies, was fully subscribed at $1.50 per share raising about $390 million. The broker GK Capital Market will tally the offer and is expected reveal the basis of allotment sometimes late this week.

It is the intention of the company is to list on the Jamaica Stock Exchange (JSE) shortly thereafter.

“Within three days of the closing date for the basis of allotment, and thereafter, the company will apply for the listing of its shares on the junior market of the JSE,” said the company in a statement.

Indies Pharma opened its offer on Thursday 12 July 2018 and early closed it on Friday instead of the planned date of Thursday 19 July.

Indies Pharma Jamaica Limited which distributes medicines at pharmacies island wide including its own in Montego Bay will go public this month in an attempt to raise roughly $390 million.

Indies is one of three initial public offerings planned for July on the Jamaica Stock Exchange (JSE). The other companies are real estate company Stanley Motta and Mayberry Jamaica Equities which is an investment fund.

Indies Pharma wants to raise the funds in order to increase its working capital, repay debts to Bioprist Holdings of US$1.056 million, First Global Bank Limited at $59.04 million and National Commercial Bank Jamaica Limited at $1.477 million. The funds will also allow it to prepare to expand.

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Indies Pharma is a pharmaceutical distribution company which was incorporated in Jamaica in 2003 by medical doctor, Dr. Guna Muppuri, and his wife Mrs. Vishnu Muppuri, who is CEO and COO respectively.

The company sold its first pharmaceutical products on April 18, 2005, and today distributes over 150 prescription and non-prescription or ‘over the counter’ generic pharmaceutical products for Bioprist Holdings Limited under the ‘Bioprist’ brand.

The company is headquartered in a commercial complex in Freeport, Montego Bay, Jamaica, and the Trident Pharmacy business is located nearby in Sam Sharpe Square, Montego Bay, Jamaica.

The company currently services customers across all 14 parishes of the island, including over 400 pharmacies, private and public hospitals and government agencies including the National Health Fund as well as medical practitioners, and directly to individual end users.

It currently has a team of 60 employees, and three non – executive board members.  

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