St Catherine, Jamaica (McKoy’s News) – Wisynco Initial Public Offering Well Received: The Initial Public Offering (IPO) for Wisynco Group Limited, which opened on Wednesday, December 6, closed Friday 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 percent of its shares to the investing public. This 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. Other brokers believe the company is poised for significant future growth.
The company, which distributes top brand food, beverages and paper products announced its decision to go public last month. Also, producers of its own line of products, like Bigga, Wata, CranWata and Sweet Synthetic Packaging Products, WISYNCO looks forward to listing on the Jamaica Stock Exchange later this month.