Indies Pharma raised over $387-million in its debut on the Junior Market of the Jamaica Stock Exchange, JSE.

The Montego Bay-based company went to the market on Thursday, July 12, and closed on Friday, July 13 at 4:00 pm.

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.