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Thursday, 5 December 2019

Rameda Pharma retail subscription surges on final day, offering closes 33x oversubscribed

Retail appetite for Rameda’s IPO surgest on last day; offering closing 36.3x oversubscribed: Retail investors poured into Rameda Pharma’s 5% public offering on the final day of subscription yesterday, leading the retail component to close 36.3x oversubscribed, Al Mal reports. Investors had placed orders for 683.22 mn shares by the close of play yesterday, a dramatic increase from the 165.78 mn shares covered by the end of Tuesday’s session. The pharma company allocated 18.83 mn shares to its retail offering.

Background: The company 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, allocating a 44% stake to institutions and the remaining 5% to retail investors. Greville Investing, the selling shareholder, will separately acquire 125 mn newly-issued shares via a closed subscription.

Rameda’s shares will debut on the EGX next Wednesday, 11 December under the ticker RMDA.

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