Wisynco to Issue IPO
31 Oct 2017
After more than 50 years of operation, the Wisynco Group is proud to announce its intention to offer fellow Jamaicans an opportunity to participate in the future growth of the company through an initial public offering (IPO) of its shares.
Founded in 1965 by the Mahfood family, West Indies Synthetic Company (WISYNCO) began manufacturing ‘Iron Man’ water boots from a 6,000 square foot factory in Twickenham Park, St. Catherine. The company soon evolved to offer a full-range of footwear for men and children, the production of cups and containers and the distribution of imported beverages from Trinidad.
Today, Wisynco – the self-acclaimed “Innovators” owns and manufactures a portfolio of category-leading beverage brands such as WATA and its extension of cranberry flavoured-WATA, BOOM Energy Drink and BIGGA Soft Drink. In addition to its owned brands, Wisynco is the exclusive local bottler for the Coca-Cola Company, as well as third-party beverage brands such as SqueezZ and Hawaiian Punch also distributing for global giants such as Red Bull, Tru Juice, Freshhh, Kellogg’s, General Mills, Nestlé and others.
A rapidly-growing company, Wisynco has increased sales significantly in recent years moving from JMD 12.6 billion in 2013 to JMD 21.2 billion in 2017. Over the last five years the company’s year-to-year sales growth has ranged between 9 - 21% with a Compound Annual Growth Rate (CAGR) of 11.06% over the same period. The business additionally boasts strong gross profit margins, averaging approximately 36% since 2012.
According to William Mahfood, Chairman of the Wisynco group, “the IPO will allow us to share the growth and success of our business with a wide cross section of our customers and employees, especially following on the outpouring of wishes and support after the fire last year”
With over 350,000 square feet of warehouse, 110,000 square feet of factory space and over 700 sales-related full time employees Wisynco’s reach is so broad that it estimates the average Jamaican consumes a Wisynco represented product at least once every two days.
According to Mahfood, for the Wisynco team and those who choose to become shareholders, exciting times are ahead.
“We are a proud Jamaican company with a deeply rooted commitment to the country’s development.” Mahfood said. “Our stated mission is To improve the lives of our people which extends to all stakeholders –team members, customers, partners and now with the planned IPO- to fellow Jamaicans alike,” Mahfood said.
NCB Capital Markets has been engaged as arranger and broker for the transaction with PricewaterhouseCoopers acting as financial advisors to the company.
