Rameda Pharmaceutical private placement on the Egyptian Exchange (EGX) was oversubscribed 1.17 fold, the company said in a statement on Wednesday.

Egypts second private-sector initial public offering (IPO) of the year, revitalising the countrys lacklustre IPO market, is the largest Egyptian IPO and has been since 2015.

The company offered 49% stake of its share, 357.77m shares to institutional investors through an international offering, and 18.83m shares to retail investors in Egypt. Shares were priced at EGP 4.66 ($0.29) each.

Rameda will have a capital of EGP3.6bn ($222m) once the initial public offering is completed.

The groups senior management intends to use the net proceeds of the closed subscription to fund operational expansion, principally through molecule acquisitions but also through the opportunistic acquisition of pharmaceutical companies.

HSBC and Investec are joint global coordinators and bookrunners for the international offering, while CI Capital is joint bookrunner. Compass Capital is the IPO advisor, and Inktank is investor relations advisor.

2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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