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FRA approves Macro Capital's IPO prospectus

FRA approves Macro Capital's IPO prospectus
The company has priced its share at a maximum value of EGP 6.15.

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the initial public offering (IPO) prospectus of Macro Pharmaceuticals Group (Macro Capital).

The prospectus includes the offering of up to 264.51 million shares or 45.8% of the cosmeceutical company in the secondary market, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The company has priced its share at a maximum value of EGP 6.15.

According to the prospectus, the public offering includes 13.22 million shares or 5% of the offered shares, representing 2.3% of the company’s issued capital.

The private offering includes 251.28 million shares or 95% of the offered shares, representing 43.5% of the company’s issued capital.

Macro Capital will sign an agreement with a cornerstone investor to subscribe to the private offering with a value of $13 million.

The group has 577.35 million shares at a fair value (FV) of EGP 6.18 apiece.

On 31 March, the EGX’s listing committee approved the listing of Macro Capital's 577.35 million shares with a capital of EGP 115.47 million.