IPO WATCH- Rameda retail offering 1.6x oversubscribed on second day of subscription: Rameda Pharma’s retail offering was 1.6x oversubscribed at the end of the second day of subscription yesterday, according to the local press. Retail investors bid for 29.96 mn shares from a total 18.83 mn shares on offer. The offering was launched on Thursday for EGP 4.66 per share, and will close on Wednesday.

New products, export growth on the horizon: Rameda’s IPO comes as the company is planning to launch 21 new products on the market in the medium-term, and plans to double its manufacturing output in 2020, said Yasmine Negm, Rameda’s director of investor relations, according to Al Mal. The company is looking to more than double its exports to 15% of its total output over the next few years, CFO Mahmoud Fayek tells the newspaper. New export markets could include Uzbekistan, Palestine, Sudan, Niger, and Tanzania, while strengthening its foothold in Yemen, Iraq, and Libya, according to Fayek.

Background: Rameda priced its offering, which is heavily skewed toward institutional investors, last week. You can check out its intention to float (pdf) for more. Shares are expected to begin trading on 11 December under the ticker RMDA. 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.