IPO WATCH- Ibnsina Pharma retail offering closes, trading to start tomorrow: Shares Ibnsina Pharma, Egypt’s fastest-growing and second-largest distributor of pharmaceutical products, will begin trading on the EGX on Tuesday after the book-building process for its retail offering ended yesterday. The company’s shares will trade under the stock symbol ISPH.CA and not IBNP as previously disclosed. The retail offering — c.15% of the 269,381,625 ordinary shares on offer — was 18.35x oversubscribed, generating an excess of EGP 4.3 bn from some 3,750 retail investors. The company’s institutional offering, which was 17.1x oversubscribed when it closed on 5 December, had drawn interest from over 500 institutional and HNWIs, generating a total EGP 22.4 bn at a price of EGP 5.80 per share. The company’s market capitalization will stand at EGP 3.9 bn at the start of trading tomorrow. Ibnsina plans to allocate EGP 280 mn of its IPO proceeds towards a capital increase in 1Q2018 to cover exits by current shareholders. Beltone Investment Banking is sole global coordinator and bookrunner for the transaction, while Matouk Bassiouny is acting as counsel to the issuer. Inktank Financial is investor relations advisor. Read the full press release here (pdf).

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