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Tuesday, 5 December 2017

Ibnsina Pharma prices IPO at EGP 5.80 per share, says institutional offering is more than 17x oversubscribed

IPO WATCH- Ibnsina Pharma prices IPO at EGP 5.80 per share, says institutional offering is more than 17x oversubscribed: Ibnsina Pharma announced this morning that it has concluded the book-building process and pricing of its institutional offering of c. 229 mn shares as part of its IPO on the Egyptian Exchange. The company priced at EGP 5.80 per share amid heavy demand from more than 500 institutions and HNWIs, which saw that component of the offering 17x oversubscribed. Ibnsina accordingly expects to have a market capitalization of EGP 3.9 bn at the start of trading on Tuesday, 12 December. Ibnsina, Egypt’s fastest-growing and second-largest distributor of pharmaceutical products, will close its retail offering in Egypt this coming Thursday. It is offering 269,381,625 ordinary shares (including both a primary and a secondary offering), split as c. 85% to institutional investors and c. 15% to retail investors. Beltone Investment Banking is sole global coordinator and bookrunner for the transaction, while Matouk Bassiouny is acting as counsel to the issuer. Inktank Financial is investor relations advisor. Read the full announcement here (pdf).

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