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.
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