- NEWSDAY.CO.TT - A la Une - 28/Jun 03:20

Medcorp raises $16.8m in successful IPO

Medcorp Ltd, a leading private health services provider, has raised $16.8 million in what it hails as a successful initial public offering (IPO) on the TT stock market. In a statement on June 27, Medcorp said the IPO of 350,000 ordinary shares was 100 per cent subscribed. The price per share was $48 as at the launch of the IPO on May 27.s “As the offering was exactly 100% subscribed with no oversubscription, all valid applications have been allocated in full according to the amounts applied for. No pro-rating was required,” it said. Medcorp said it is due to be listed on the small and medium enterprise market of the TT Stock Exchange on July 7. Trading of its stock would be under the symbol MED. “The board of directors of Medcorp Ltd extends its sincere gratitude to all investors for their confidence in the company and looks forward to delivering value to its new shareholders.” It’s advisers are Republic Bank Ltd (lead investment adviser), Republic Wealth Management Limited (lead stockbroker), and M Hamel-Smith & Co (attorneys). The company also said auditor BDO Trinity Ltd provided independent financial oversight of the IPO process. Medcorp, founded in 1993, operates four medical facilities in north-west Trinidad: St Clair Medical, a private hospital, Goodhealth Medical Centre, the Brian Lara Cancer Treatment Centre and Doctors Radiology Centre. The cancer centre is named after cricketing legend Brian Lara who initially disassociated himself from the IPO over the use of his name. Lara and Medcorp have since reached an agreement that the centre would remain in his name. The post Medcorp raises $16.8m in successful IPO appeared first on Trinidad and Tobago Newsday.