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Thursday, 21 November 2019

Rameda receives greenlight for IPO this year

IPO WATCH- Rameda gets nod for share listing, will go public before the end of the year –FRA: Rameda Pharma has received approval from the Financial Regulatory Authority (FRA) to go public on the EGX before the end of this year, FRA boss Mohamed Omran said at a press conference yesterday, according to Hapi Journal. Rameda had suggested in its intention to float (pdf), which dropped on 30 October, that it expected to close the transaction in 4Q this year, pending regulatory approval. There’s a bit more on the EGX website here.

Background: Rameda, formally known as the Tenth of Ramadan Pharma Industries and Reagents, will offer shares to both international institutional investors and domestic retail investors, we had previously noted. The company, Egypt’s fastest-growing pharma player, would be the second company to go public on the EGX this year after Fawry made its trading debut in August.

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

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