{"id":560506,"date":"2021-03-02T04:27:16","date_gmt":"2021-03-02T04:27:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/our-ipo-pipeline-is-heating-up\/"},"modified":"2021-03-02T04:27:16","modified_gmt":"2021-03-02T04:27:16","slug":"our-ipo-pipeline-is-heating-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/our-ipo-pipeline-is-heating-up\/","title":{"rendered":"Our IPO pipeline is heating up"},"content":{"rendered":"

<\/a> Macro Group Pharma said\u00a0overnight that it intends to to pull the trigger on an initial public offering of its shares on the EGX<\/strong> in late 1Q2021 or early 2Q2021, signalling our long IPO drought is coming to an end.<\/p>\n

What\u2019s Macro Group?<\/strong> Founded in 2005, Macro is now among Egypt\u2019s largest and fastest-growing cosmeceutical players. The company recorded a 23.1% overall market share in 2020 with a portfolio of 124 high-margin SKUs, with 79 new SKUs in the pipeline to be rolled out between 1Q2021 and 2Q2023. Macro manufactures its products at its Badr City facility. The company uses a prescription-based, consumer-centric model that relies on physicians \u201cas the main drivers of business,\u201d in addition to distributing its products through some 60k pharmacies. Macro also exports its products to markets in the Middle East and Africa, and could later see wider regional expansion.<\/p>\n

How big is the sale?<\/strong> The offering will see up to 49% of Macro on offer as shareholder Leo 1 sells 282.9 mn ordinary shares in a secondary sale, meaning existing shareholders will offer part or all of their stakes to the public, and no new shares will be offered. The sale will include offerings to both institutional investors in Egypt and abroad, as well as retail investors here at home.<\/p>\n

Who\u2019s selling?<\/strong> Expect to see indirect shareholders Enverson International Company, MEA Healthcare Partners, and Macro co-founder Ahmed El Nayeb among those selling down their positions in Macro through Leo 1, in which they each hold indirect stakes. Leo 1 is a special-purpose investment vehicle that holds 99.9% of Macro.<\/p>\n

The financials:<\/strong> Macro has a revenue CAGR of 34% (for 431 mn in 2020) and an EBITDA CAGR of 92% between 2018-2020. The company\u2019s bottom line also registered a 98% CAGR during that time.<\/p>\n

Advisors:<\/strong> CI Capital and Renaissance Capital are joint global coordinators and joint bookrunners. White & Case is international and (with MHR & Partners) local counsel, while Dechert LLP and Zaki Hashem & Partners are counsels to the joint global coordinators and bookrunners. Inktank is investor relations advisor.<\/p>\n

Macro\u2019s IPO will be instrumental in sustaining the momentum on the EGX after a long, hard drought.<\/strong>\u00a0Taaleem Management Services is also in the market<\/a>\u00a0and could close its transaction before the end of 1Q2021. No company has listed on the EGX since Emerald in early 2020, and Egypt has not seen an international-quality IPO since 2019, when Rameda and fintech darling Fawry went to market. Ebtikar is also set to IPO later this year, with its EGX debut expected in 2H2021<\/a>.<\/p>\n

Want more?<\/strong> Read the company\u2019s ITF (pdf) here<\/a>.<\/p>\n

Correction:<\/strong> The original version of this story published on incorrectly identified the company as having net profit of EGP 431 mn in 2020. That figure refers to its revenues in the same year. We have also amended language to make clear that Macro's shareholders are offering \"up to<\/em> 49%\" of the company's shares.<\/p>\n","protected":false},"excerpt":{"rendered":"

Macro Group Pharma said\u00a0overnight that it intends to to pull the trigger on an initial public offering of its shares on the EGX in late 1Q2021 or early 2Q2021, signalling our long IPO drought is coming to an end. What\u2019s Macro Group? Founded in 2005, Macro is now among Egypt\u2019s largest and fastest-growing cosmeceutical players. […]<\/p>\n","protected":false},"author":1,"featured_media":560507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7224],"tags":[68,72,78,77,408],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-macro-group","tag-taaleem","wpautop","entry"],"acf":{"mongo_id":"1e88c485-96ea-49fe-8ead-e309bec221b6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/56.jpg","photo_position":"above","related_issue":[560501],"teaser":"","voice_url":""},"yoast_head":"\nOur IPO pipeline is heating up - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/our-ipo-pipeline-is-heating-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our IPO pipeline is heating up\" \/>\n<meta property=\"og:description\" content=\"Macro Group Pharma said\u00a0overnight that it intends to to pull the trigger on an initial public offering of its shares on the EGX in late 1Q2021 or early 2Q2021, signalling our long IPO drought is coming to an end. 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Macro Group Pharma wrapped up the private placement portion of its IPO yesterday and could make its EGX debut next week after the retail subscription period ends, Bloomberg Asharq reports. Appetite from institutional investors was heavy, with the news outlet\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/34.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567101,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/macro-group-pharmaceuticals-to-offer-usd-100-mn-share-on-egx\/","url_meta":{"origin":560506,"position":1},"title":"Macro Group Pharmaceuticals to offer USD 100 mn share on EGX","author":"enterpriseam admin","date":"13 January 2020","format":false,"excerpt":"IPO WATCH- Macro Pharma looking to raise USD 100 mn in IPO: Macro GroupPharma is planning to sell an undisclosed number of its shares in an initial public offering on the EGX during 4Q2020 or 1Q2021, said Ahmed Rady, head of Alta Semper Direct Investment Company, which owns 60% of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544502,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/macro-groups-net-income-rose-10-in-2021\/","url_meta":{"origin":560506,"position":2},"title":"Macro Group\u2019s net income rose 10% in 2021","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Macro Group saw its net income rise 10% y-o-y to EGP 148 mn in 2021, according to the company\u2019s maiden earnings release (pdf). Revenues grew 38% y-o-y to record EGP 594.3 mn last year. Macro made its EGP 1.3 bn debut on the EGX last month.The breakdown: The company attributed\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561180,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/macro-announces-price-range-for-ipo\/","url_meta":{"origin":560506,"position":3},"title":"Macro announces price range for IPO","author":"enterpriseam admin","date":"29 March 2021","format":false,"excerpt":"Macro Group Pharma has priced its initial public offering on the EGX at EGP 5.30-6.15 per share, according to a statement released overnight (pdf). The transaction will see 45.8% \u2014 or some 264.5 mn shares \u2014 of Egypt\u2019s largest and fastest-growing cosmeceutical company offered in a secondary sale. The indicative\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/338.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543524,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/macro-group-sees-strong-demand-from-retail-investors-ahead-of-ipo\/","url_meta":{"origin":560506,"position":4},"title":"Macro Group sees strong demand from retail investors ahead of IPO","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"The retail component of Macro Group Pharma\u2019s IPO was 6.49x oversubscribed at the close of Thursday\u2019s trading session, Amwal Al Ghad reports, citing unnamed sources. Retail investors have requested some 85.9 mn shares so far, with subscription set to close at the end of tomorrow\u2019s trading session. Macro wrapped up\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/65.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565316,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/one-step-closer-to-a-macro-group-ipo\/","url_meta":{"origin":560506,"position":5},"title":"One step closer to a Macro Group IPO","author":"enterpriseam admin","date":"1 April 2021","format":false,"excerpt":"Over 577 mn shares of Macro Group Pharma will be listed on the EGX on Monday ahead of the company\u2019s IPO, after the EGX listing committee approved the move yesterday, according to an EGX statement. Trading on shares is scheduled to begin on 19 April under ticker symbol MCRO.CA. The\u2026","rel":"","context":"In "SPEED ROUND: IPO WATCH"","block_context":{"text":"SPEED ROUND: IPO WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=560506"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560506\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/560507"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560506"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560506"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}