MAHFOOD… we are hoping to have the company listed or at least the IPO released to the public between now and December (Photo: Bryan Cummings)

Local manufacturer and distributor Wisynco is looking to raise just over $1 billion in new funds by year end.

The company, which announced its plan for an initial public offering (IPO) by way of a press release yesterday, says the listing of its shares will allow the company to share the growth and success of the business with a wide cross section of customers and employees, particularly following on the outpouring of wishes and support after the massive fire last year.

Chairman of Wisynco Group William Mahfood told the Jamaica Observer that the planned IPO consists of two components: the raising of new funds for future investment and expansion, as well as the proposed sale of shares by existing shareholders.

“All this is subject to approval by the JSE and Financial Services Commission, so the selling or listing of any shares will not be able to take place until the regulators approve the arrangement and the prospectus,” Mahfood said.

“We are hoping that the regulators will assist in moving it forward and, if so, we are hoping to have the company listed or at least the IPO released to the public between now and December,” he continued.

Mahfood, in explaining what the proceeds of the funds will be used for, told the Caribbean Business Report that high on the list of priorities is the establishment of the new production line. Earlier this year the company announced plans to build a beverage plant valued at US$8 million by March 2018.

The build-out is expected to increase production numbers by 50 per cent as the company seeks to take on the Caribbean.

http://www.jamaicaobserver.com/business-report/boom-wisynco-plans-1-b-ipo_115929