Back to the complete issue
Thursday, 12 December 2019

Rameda Pharma dip in EGX debut

Rameda Pharma dip in EGX debut: Rameda Pharma shares edged down 4.7% in light trading on the EGX debut yesterday. Rameda, which trades under the ticker RMDA, started trading on poor day for the EGX, with the benchmark EGX30 closing down 0.6%. It is only the second IPO the EGX has seen this year, after e-payments firm Fawry floated in August.

Also yesterday: Rameda plans to launch 12-15 new products next year, and increase exports to 15% of total production, up from 8% today, CEO Amr Morsy said at a press conference. Rameda is the industry’s fastest-growing generic manufacturer and is coming off a shutdown for a factory upgrade, but management has guided for a significant pickup in business activity going forward. The company reported 3Q19 revenue growth of just over 19% despite the shutdown, which now sees it with a 60% increase in production capacity.

Rameda has said it will invest proceeds of the IPO in expansion, including the acquisition of new molecules and to engage in opportunistic acquisitions. More on the company’s IR microsite.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.