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First Pharmaceutical Company lists on the Jamaica Stock Exchange

Indies Pharma Jamaica Limited is the first Pharmaceutical Company and Thirty-seventh (37) to List on the JSE Junior Market.

The Jamaica Stock Exchange (JSE), Managing Director, Mrs. Marlene Street Forrest, welcomed Indies Pharma Jamaica Limited (INDIES) to the Junior Market and stated that “Normally, it is during the listing ceremony that the company’s securities are listed on this Exchange. Today we depart from the norm with what I describe as the post listing ceremony in recognition of the company’s achievement; success in raising $387 million capital and listing on the Junior Market. INDIES has increased the total listed companies on that market to thirty-seven (37), equaling the number of companies listed on the JSE Main Market. Including INDIES, the number of securities listed on the Junior Market increased to forty-two (42). The total number of companies listed on the JSE increased to 75 and the total number of securities listed increased to 108.”

Mrs. Street Forrest also highlighted that “Including the $387 million raised by INDIES, the Junior Market companies have raised a total of $2.27 billion, and a total of $16.5 billion has been raised in 2018 across all markets.”

Dr. Guna Muppuri, CEO and Founder of Indies Pharma Jamaica Limited in his remarks, stated “The Indies Pharma tagline ‘Caring for the Nation’s health’, is the main focus of the company’s staff, management and board and with the support of the Indian High Commissioner, Your Excellency Sevala Mude who was present at the listing they will continue to pursue that goal.” Dr. Muppuri also said that he was not satisfied with just listing on the Exchange but also wanted to ‘catch the market afire’ with innovation and new products aimed at increasing shareholders’ value. In closing Dr. Muppuri encouraged other companies to consider the Exchange for raising capital for growth.  

Mr. Ryan Strachan, AVP Investor Relations, for GK Capital Management, the lead Broker for the Listing, congratulated Dr. Muppuri, the Indies Pharma team and board for giving GK Capital Management the opportunity to move their company the next level to be listed on the JSE Junior Market. He also congratulated them on being the first pharmaceutical company to list across the Markets. Mr. Strachan also thanked Sagicor Investments, co-Broker for their expertise in making the listing a success.