Macro Group postpones IPO

The pharmaceutical company will later announce the date

  
A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Macro Group Pharmaceuticals announced postponing its initial public offering (IPO) on the Egyptian Exchange (EGX) despite strong demand from international institutional investors, according to the company’s statement on April 11th.

“In consultation with the relevant Regulatory Authorities, we have nevertheless decided to postpone the Offering. The determining factor in our decision is the market’s capacity to absorb multiple offerings,” the company said.

The pharmaceutical company will later announce the date and timeline for the offering.

Earlier, the EGX’s concerned committee approved listing over 577 million shares of Macro Group on Monday, April 19th.

In February, the company revealed plans to go for an IPO in the first quarter (Q1) or the second quarter (Q2) of 2021.

Founded in 2005, Macro is now among Egypt’s largest and fastest-growing cosmeceutical players. The company recorded a 23.1% overall market share in 2020.

Macro manufactures its products at its Badr City facility. The company uses a prescription-based, consumer-centric model that relies on physicians. It also exports its products to markets in the Middle East and Africa, and could later see wider regional expansion.

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