Leading pharmaceutical distributor Cari-Med has been in the early stages of possibly bringing the company public on the Jamaica Stock Exchange (JSE).
One of the major reasons so far has already been hinted at by Chairman Glen Christian and it is mainly based around capital.
“We’re thinking about it, but we’re looking at other options. We just finished a major distribution center, so we’ll need some funds,” said Christian. “We’re looking at it and we’re talking to NCB, but we’re not there yet,” he said while declining to disclose details regarding the indicative date for, or size of, the IPO.
It’s clear that the company needs capital to expand which will help to further solidify its brand in the market and expand into other areas.
The company is already in talks with NCB Capital Markets Limited to manage the financials and law firm MH&Co as legal advisers.
Cari-Med, which was established in 1986 by Christian, distributes a wide range of household, personal care, pharmaceutical, and food products. The group comprises Cari-Med Distributors, Kirk Distributors, its export arm Cari-Med International, and Federated Pharmaceuticals, manufacturers of over-the-counter medications.
It remains to be seen how long it will take for the company to IPO but it’s a step in the right direction. Let’s see how it plays out.
