Ibnsina IPO sees 14.5x oversubscription; demands extension - News Summed Up

Ibnsina IPO sees 14.5x oversubscription; demands extension


A pack of medicine distributed by Ibnsina Pharma- Photo courtesy of company websiteCAIRO – 7 December 2017: The board of the Egyptian Exchange (EGX) approved Thursday extending the period of receiving initial public offerings (IPO) demands from Ibnsina Pharma for an extra hour until 3:30 p.m. Cairo Local Time.Ibnsina’s IPO was oversubscribed 14.5 times in Thursday’s trading session, head of the investors’ relations department at Beltone Securities Brokerage Osama Rashad said.Egypt's second largest distributor of pharmaceuticals set the share price at LE 5.8 due to heavy demand for both the private offering and the IPO.In the private offering earlier this week, Ibnsina Pharma has witnessed an oversubscription of 17 times.The volume of orders amounted to LE 22.5 billion ($1.3 billion), with 500 orders coming from local companies, in addition to investors from the U.S., Europe, the United Kingdom and Gulf countries, CEO of Beltone Mostafa Abdel Aziz said in a Tuesday press conference.Listing the sources of orders, Abdel Aziz said that 60 percent of the orders came from foreign investors, as 23 percent were from Gulf institutions, 6 percent from Gulf family offices, 13 percent from South African institutions, 7 percent from European institutions and 6 percent from American institutions.Expecting to have a market capitalization of LE 3.9 billion at the start of trading, the company will offer 269,381,625 ordinary shares, splitting them to allocate 85 percent of these shares to institutional investors and 15 percent to retail investors.Ibnsina has a 19-percent market share in the pharmaceutical industry since it began operations in 2000.


Source: Egypt Today December 07, 2017 12:56 UTC


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