Oversubscribed Elite Diagnostic to list on JSE
Elite Diagnostic Imaging Service is scheduled to list on the junior market of the Jamaica Stock Exchange on Tuesday.
The listing comes after a successful public offer which was oversubscribed eight times closing within hours after opening on February 5. Surpassing its target of $141 million from 70.68 million shares, the IPO received more than 3,000 applications raising in excess of $1.2 billion.
The proceeds from the offer, Elite CEO, Warren Chung said, will be used to reduce debt and provide working capital.
NCB Capital Markets and Sagicor Investments are co-brokers for the IPO, which will make Elite Diagnostic the second medical services company to be listed on the junior market.
Pleased with the outcome of the IPO, NCB Capital Markets Assistant Vice President Herbert Hall noted that Elite offers an ideal opportunity for industry diversification with more potential for growth as equity tied to the health industry continues to become more attractive.
Mischa McLeod-Hines, Manager, Capital Markets at Sagicor Investments, indicated that the overwhelming success of Elite’s listing is indicative of the strong investor confidence in the company and in the health sector.
The medical company which opened over four years ago currently operates from its two locations on Kingston with plans to expand to the north coast. Elite offers MRIs, computed tomography or CT scans, X-rays, ultrasounds and fluoroscopies, with a focus on providing the highest level of patient care and customer service using state-of-art medical equipment.