Ibn Sina to start work on IPO before the end of this year, Beltone to manage

IPO WATCH- Ibn Sina Pharma is planning on beginning the process of listing its shares on the EGX by the end of 4Q2017, Al Borsa reports. Beltone Financial has won the mandate to manage the transaction, sources confirmed to Al Borsa, without specifying a timeline or value for the transaction. Ibn Sina CEO Omar Abdel Gawad says the funds raised will be used to finance expansion domestically and internationally. The European Bank for Reconstruction and Development (EBRD) had approved injecting up to EGP 190 mn in the company in March 2015 (PDF). While the EGX listing will include partial exit for some shareholders, Abdel Gawad says, the EBRD currently “has no intentions” to exit the company.