Indies Pharma (President and CEO - Guna Muppuri) raised over $387-million (Rs.2,631 crores) its debut on the Junior Market of the Jamaica Stock Exchange, JSE.
The Montego Bay-based company went to the market in July 12 raised $387 Millions in 3 days.
According to Douglas Robinson, Vice President of Investment Banking at GK Capital, over one thousand applications were submitted by investors to participate in the IPO.
This resulted in the offer being significantly oversubscribed – with the brokers receiving more than twice the amount that the company was seeking.
Indies Pharma currently distributes more than 150 prescriptions and over the counter drugs on the Jamaican market.
Led by Dr. Guna Muppuri, the company plans to position itself as a ‘one-stop-shop’ for pharmaceuticals, healthcare, herbal, and consumer and hygiene products.
The company says it intends to use the IPO proceeds to repay its debt, position itself for strategic business expansion and augment working capital.
Visionary Leadership
As C.E.O and C.O.O respectively, Dr. Guna Muppuri and Mrs. Vishnu Muppuri have been growing the company since the sale of its first pharmaceutical in 2005. They have set a vision for the company to provide effective drugs at affordable prices, granting broader access to persons living in Jamaica. Indies Pharma now services customers across all 14 parishes of the island, including over 400 pharmacies, private and public hospitals, medical practitioners and government agencies such as the National Health Fund.