Healthcare company Medcorp Limited has been listed on the Trinidad and Tobago Stock Exchange (TTSE) with an Initial Public Offering of 350,000 shares, which has been fully subscribed.
Medcorp Limited is the first company within the healthcare sector to be listed on the TTSE. Its Initial Public Offering ran from May 27th to June 13th, with shares priced at $48.
The listing was facilitated through a partnership with Republic Financial Holdings Limited acting as the lead broker.
Described as a strategic move, Medcorp Limited Director John Tang Nian says the listing supports the company’s long-term growth objectives.
“The sale of the shares provides additional equity to Medcorp Limited and the benefit to Medcorp will be the incentive of now being able to provide additional capital for our strategic purposes of expansion, as listed in the prospectus.”
TTSE CEO Eva Mitchell stated that Medcorp Limited now joins Cinema One, Endeavour Holdings, and Eric Solis Marketing as the fourth company listed on the Small and Medium Enterprise Junior Exchange.
“With this listing, it has taken the market cap within this particular sector, the SME market sector, it actually took the market cap above a billion dollars, which is really, really significant for us. And it has brought the overall market cap, meaning adding all the markets that are available on the stock exchange, to $75 billion.”
The development has been described as a launching pad for the thirty-year-old company, with stakeholders saying the full subscription reflects investor confidence in its future growth.