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Rameda to list 49% stake on EGX in IPO at EGP 4.66/shr

Rameda to list 49% stake on EGX in IPO at EGP 4.66/shr
The IPO involves selling 376.6 million secondary shares
Rameda
RMDA
-5.92% 2.70 -0.17

Cairo – Mubahser: The Egyptian Financial Regulatory Authority (FRA) approved to publish the prospectus of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) to proceed in its initial public offering (IPO).

The IPO involves selling 376.6 million secondary shares by Greville Investing Limited, according to a statement on Wednesday.

The company plans to list 49% of its shares on the EGX, including a 5% stake to be sold in a public offering, head of investor relations and strategic communications at Rameda Pharmaceuticals, Yasmine Negm, said.

The company will offer 357.77 million shares to institutional investors through an international offering and 18.830 million shares to retail investors in Egypt.

Shares will be offered at a price of EGP 4.66 per ordinary share. Subscription will start on 28 November and last for five days. 

The company’s ordinary shares were listed on the Egyptian bourse on 20 November and trading in the shares on the EGX will begin on 11 December.

HSBC Bank plc and Investec Bank plc were tapped to acts as joint global coordinators and joint bookrunners in connection with the international offering only, while CI Capital Investment Banking will act as joint bookrunner for the transaction.