Rameda’s IPO oversubscribed 117%: CI Capital

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Wed, 04 Dec 2019 - 02:27 GMT

FILE- The EGX trading session on December 12, 2017, which is the first trading day of Ibnsina IPO

FILE- The EGX trading session on December 12, 2017, which is the first trading day of Ibnsina IPO

CAIRO – 4 December 2019: The initial public offering of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) has been oversubscribed by 117 percent at LE 4.77 per share, according to CI Capital.

The company referred that the IPO will be closed on Wednesday, Dec. 4.

Rameda Pharmaceutical Company announced on Nov. 27 floating 49 percent of its shares on the Egyptian stock exchange (EGX), hoping to raise LE 1.755 billion. Trading is expected to start on Dec. 11.

Rameda said that trading will be made in two tranches and will be priced at LE 4.66 per share.

The first tranche, representing a 5 percent stake, will be sold to small investors in a public offering, and the remainder will be sold in a private offering, according to Reuters.

On November 20, Chairman of the Egyptian Financial Regulatory Authority (FRA) Mohamed Omran said that the authority approved listing the shares of Rameda on EGX.

He clarified during a conference announcing the issuance of the first short-term securitization for the payment of Premium Card that the first tranche of the offering ranges between LE 2 billion and LE 2.5 billion. "According to the proposed schedule, the offering will be completed before the end of the year," he stated.

Rameda announced earlier its intention to offer a 35-45 percent stake in EGX by the end of last year through a capital increase and partial exits to shareholders.

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