Closed within two days of December 28 opening

Durrant Pate/Contributor

Image Plus Consultants Limited, which trades as Apex Radiology, has announced an early closure of its initial public offer (IPO) of up to 247.9 million new ordinary shares in the private medical imaging company.

The IPO has been oversubscribed and, as a result, the company opted to close it last Friday, which is within two days of its December 28, 2022 opening. The IPO was originally slated to close on January 11, 2023.

JMMB Securities, which is arranging the IPO, has disclosed that the basis of allotment for the new ordinary shares will be published in keeping with the timelines outlined in the prospectus. Priced at J$2.00 per share, Apex has fully realised the J$496.8 million in subscriptions targeted.

NEW SHAREHOLDERS BEING WELCOMED

The company has thanked all investors who participated in the IPO and said it looks forward to welcoming them as new shareholders in the company.

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 offerings as detailed in Section 7 under ‘Use of Proceeds’.

Apex Radiology is now moving to apply to the Jamaica Stock Exchange for its shares to be listed on its Junior Market. The company was started in 1996 from a desire to provide affordable high quality diagnostic imaging services from an easily accessible location.

PROUD OF FINANCIAL RESULTS

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 said it was 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.