|08 December, 2019

Egypt's Rameda raises $208mln in IPO

The public offering included 18.8 million shares

Traders talk on the floor of the stock exchange in Cairo, May 29, 2014.REUTERS/Amr Abdallah Dalsh

Traders talk on the floor of the stock exchange in Cairo, May 29, 2014.REUTERS/Amr Abdallah Dalsh

REUTERS/Amr Abdallah Dalsh

Cairo – The public and private offerings of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) have been executed on 376.6 million shares, representing 48.99% of the company’s capital shares, at EGP 4.66 per share on the Egyptian Exchange (EGX).

The pharmaceuticals company has raised a total of EGP 1.754 billion through its public and private offerings, according to a bourse statement on Sunday.

The public offering included 18.8 million shares, or 2.45% of the company’s capital shares, valued at EGP 87.7 million, while the private offering involved 357.77 million shares, representing 46.54% of the company’s capital shares, at a value of EGP 1.667 billion.

Rameda’s stock will start trading on the Egyptian Exchange (EGX) on 11 December.

The public offering was oversubscribed by about 36 times, while the private offering was oversubscribed by 117%.

Source: Mubasher

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