Market preparing for December 28 IPO opening

Image Plus Consultants Limited, which trades as Apex Radiology, has appointed Barita Investments Limited to act as an additional selling agent for its upcoming initial public offering (IPO) of shares, which opens on December 28.

Barita joins JMMB Securities Limited as selling agents.

JMMB is also the arranger and broker for the IPO.

All non-JMMB clients are therefore now able to apply for the IPO using Barita Investment Limited’s BOSS online application platform.

Apex Radiology, a private medical imaging company, is making available a maximum of 247,889,936 new shares, priced at J$2.00 per share, which if fully taken up should realise J$496.8 million in subscriptions.

The capital raised from the IPO will be used to fund initiatives designed to assist in the strategic growth of the company’s business by, among other things, enabling it to expand its product. The IPO is slated to close on January 11, 2023.

Junior market listing planned

Apex Radiology intends to apply to the Jamaica Stock Exchange for the listing on its Junior Market. The local equities market is gearing up for the IPO with early indications that it will reach its intended target of J$496.8 million.

Apex Radiology was started in 1996 from a desire to provide affordable high quality diagnostic imaging services from an easily accessible location. Today, Apex Radiology is a well-recognised private medical imaging company, providing services to Jamaicans and other Caribbean nationals from all walks of life.

It has grown from one to four locations and offers multiple modalities, including x-rays, ultrasounds, MDCT scans, fluoroscopy studies, nuclear medicine, and imaging guided interventional procedures. The management is especially proud of the financial results over the last two years, despite the advent of COVID-19.

The impressive growth in revenues at a faster pace than growth in expenses has augured well for Apex Radiology’s net profit performance and the company’s return on average assets and return on average equity results are both positive and encouraging.