IPO WATCH- Rameda Pharma retail offering oversubscribed on first day: The retail component of Rameda’s IPO was oversubscribed at the close of play on Thursday, market sources told the local press. Retail investors put in orders for 19.65 mn shares, handily covering the 18.83 mn shares offered by the pharma company. The subscription period for retail investors is scheduled to close on Wednesday.

Background: Rameda last week announced that it would offer a 49% stake (376,606,000 shares) at EGP 4.66 per share in an IPO on the EGX. The bulk of the shares (357,775,700) will be offered to institutional investors, with the remainder going to small investors. Greville Investing, the selling shareholder, will separately acquire 125 mn newly-issued shares via a closed subscription. Shares are expected to begin trading on 11 December under the ticker RMDA. You can learn more about Rameda in its intention to float (pdf). Rameda’s IPO will be the second on the EGX this year, after e-payments company Fawry floated in August.

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