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Wednesday, 13 December 2017

Ibnsina shares pop 16% in EGX debut

IPO WATCH- Shares of Ibnsina Pharma debuted on the EGX yesterday under the stock symbol ISPH.CA, rising 16% to EGP 6.73 from EGP 5.80 at the opening bell.

The first-day success of the IPO is a sign of investor confidence in Egypt’s pharma sector, said the company’s Chairman Mohsen Mahgoub at the opening bell (pdf) where he was joined by Investment Minister Sahar Nasr and EGX Chairman Mohamed Farid. He added in a statement to the press that the company was anticipating sales this year will reach EGP 9.6 bn, up from EGP 7.6 bn in 2016. The company had begun exporting to Libya a month ago and plans to tap into new markets in Africa in the future, said Mahgoub. Beltone Financial, which quarterbacked the offering as sole global coordinator and bookrunner, said yesterday that it has a pipeline of nearly a dozen IPOs and M&As for potential execution in 2018. Matouk Bassiouny acted as counsel to the issuer, while Inktank Financial is investor relations advisor.

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