IPO WATCH- Ibnsina Pharma announced its intention to proceed with an initial public offering (pdf) on the EGX. The company, Egypt’s fastest-growing pharma distributor, is offering around 25% of its shares through both primary and secondary offerings. (You can check out its corporate website here.)The transaction will take place in 4Q2017 or 1Q2018 and Ibnsina will use the proceeds of the transaction to grow its “core distribution business and support its expansion into new, higher-margin revenue streams.” Chairman Mohsen Mahgoub says, “Today, we are Egypt’s fastest-growing and second largest pharmaceutical distributor serving around 34,000 clients including retail pharmacies, hospitals and public health units across Egypt with products from over 300 local and multinational pharmaceutical companies.” The European Bank for Reconstruction and Development (EBRD) owns a 21% stake in company and Mahgoub says “the presence of institutional shareholders such as EBRD and Faisal Islamic Bank has allowed us to significantly enhance our corporate governance practices and systems ahead of our intended listing on the Egyptian Exchange.” Ibnsina Pharma shareholders include the Mahgoub family (24%), the Abdel Gawad family (23%), EBRD (21%), and Faisal Islamic Bank (16%). Other shareholders, including members of the senior management team, collectively hold the remaining 16%.

Beltone Investment Banking is acting as sole global coordinator and bookrunner on the transaction, while Matouk Bassiouny is acting as legal counsel to the issuer.