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Elite Diagnostics seeking $141m equity capital from IPO

Elite Diagnostics Limited is seeking $141 million of equity capital from an initial public offering that will open January 22.
 
The medical diagnostics company intends to use the proceeds for working capital and to pay down its debt. 
 
Elites' long-term loans doubled last year to $114 million.
 
The junior market IPO will offer 70.68 million shares at $2 each, 14.9 per cent of which will be available to the general public.
 
Among the current owners of Elite, a successful IPO would result in Excel Investments holding 41 per cent of the company, followed by NCB Capital Markets with 23.7 per cent, Sagicor Investments at 7.9 per cent, and Barnett Limited at 6.3 per cent.


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