Wisynco Targeting $1-bn IPO

After more than 50 years of operation, the Wisynco Group has announced its intention to offer Jamaicans an opportunity to participate in the future growth of the company through an initial public offering (IPO) of its shares.

Founded in 1965 by the Mahfood family, WISYNCO began manufacturing ‘Iron Man’ water boots from a 6-thousand square foot factory in Twickenham Park, St. Catherine.

The company soon evolved to offer a full-range of footwear for men and children, the production of cups and containers and the distribution of imported beverages from Trinidad.

A rapidly-growing company, Wisynco has increased sales significantly in recent years moving from close to $13-billion in 2013 to over $21-billion now.

Over the last five years the company’s year-to-year sales growth has ranged between 9 to 21-percent with a Compound Annual Growth Rate of just over 11-percent over the same period.

The business additionally boasts strong gross profit margins, averaging approximately 36-percent since 2012.

According to Chairman of the Wisynco group, William Mahfood, the IPO will allow them to share the growth and success of the business with a wide cross-section of customers and employees.