Saturday 22 September, 2018

Montego Bay-based medical facility aims to raise $424 million in IPO

The primary purpose GWest is to provide integrated medical/health care services and facilities.

The primary purpose GWest is to provide integrated medical/health care services and facilities.

GWest, the medical facility in Montego Bay will endeavour to raise $424 million in its initial public offer on the Jamaica Stock Exchange.

The shares are to be listed at $2.50.

"The company invites applications on behalf of itself, and certain persons who are shareholders of the company for up to 169,689,500 ordinary shares in the invitation," said the prospectus released on Thursday. 

The invitation will open at 9:00 a.m. on Thursday, December 7 and close at 4:00 p.m. on Thursday, December  21.

Established by a group of Jamaican medical and business professionals:  Dr. Konrad Kirlew, Mr. Wayne Gentles, Dr. Ladi Doonquah, Mrs. Elva Williams-Richards, Mr. Dennis Samuels and Mrs. Denise Samuels  - the primary purpose of the company is to provide integrated medical/health care services and facilities.

GWest has established five medical businesses under the common “GWest Medical” brand, for the purpose of providing specialised and general medical services/facilities. 

The proceeds of the offer will go towards completing the build-out and outfitting of the GWest Outpatient Surgery Centre and the GWest Inpatient Unit.

The proceeds will also go towards working capital support and repayment of short term obligations to contractors and customers as well as for the payment of the expenses of the invitation which are not expected to exceed $30 million.