Wed | Oct 17, 2018

Wisynco stock to list tomorrow

Published:Wednesday | December 27, 2017 | 12:21 PM

The Wisynco Group Limited stock is scheduled to list on the Jamaica Stock Exchange’s main market tomorrow following the close of its initial public offering which saw nearly 8,000 applications for shares valued at more than $18 billion. 

NCB Capital Markets, which acted as arranger and broker, reported that more than 60 per cent of all applicants were granted their full allotment.

“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.

He added that he was heartened by the public’s response and the opportunity to demonstrate the company’s capacity to handle such a large transaction.

Wisynco, a manufacturing and distribution outfit owned and operated by the Mahfood family, offered just over 20 per cent of its shares to the public. That translates to 784.5 million units of ordinary shares and was priced at $7.87 each.

The IPO opened on December 6 and was oversubscribed two days later.

“We anticipated that the IPO would do well given Wisynco’s connection with the Jamaican people (and that it is) a homegrown company with over 4,000 products across 110 brands,” said Hall.

He said the company, which produces its own line of products such as Bigga, Wata and CranWata, had total average sales for last year of $20 billion amidst recovering from a fire.