Cairo – Mubasher: The offering of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) has been oversubscribed on the first day of subscription, sources in the Egyptian Exchange (EGX) told Mubasher on Thursday.

Total ordered shares stood at 19.65 million at a price of EGP 4.66 per share.

Rameda’s IPO includes a maximum of 18.8 million shares, or 5% of the total offered shares, while the private placement includes 357.7 million shares.

The company expects to raise EGP 1.755 billion through the offering to be used to fund its expansions.