GWEST Corporation is set to become the latest addition to the junior market of the Jamaica Stock Exchange with an Initial Public Offering slated for next week.
The company that was established by a group of Jamaican medical and business professionals,has established five medical businesses under the G-West Medical brand.
It is seeking to raise J$424.2 million from offering 169.6 million shares.
The IPO is scheduled to open on December 7 and close on December 21.
The company will use the proceeds of the IPO for expansion and working capital purposes to complete the build-out and outfitting of the G-West Outpatient Surgery Centre and the G-West Inpatient Unit.
Some of the funds will also be used for working capital support and repayment of short term obligations to contractors andcustomers.
Meanwhile, there was a 5.9 per cent increase in the number of stocks which traded on the Jamaica Stock Exchange during the July to September quarter.
This was a reduction from the 8.3 per cent increase reported during the previous three months.
According to the Bank of Jamaica's quarterly monetary policy report, the positive performance of the equities market was also demonstrated in the advance to decline ratio of 16:13 for the September quarter.