The long awaited Cipla Quality Chemicals Ltd initial public offering launches at the Uganda Securities Exchange this month, with shares selling at between Ush253.3 ($0.07) and Ush283.7 ($0.08) each, in a transaction valued at over $43 million.
The drug manufacturer is making 657 million shares available for sale with a book value of over $250 million.
Around 18 per cent of the pharmaceutical company’s shares will be listed on the bourse, according to documents obtained from foreign investors.
Confirmed transaction figures will be published in the final prospectus to be released on the launch date.
Whereas the company’s IPO was previously scheduled for the second quarter of 2017, changes in the procurement guidelines of one of its major client — Global Fund — last year prompted Cipla Quality Chemicals Ltd to suspend the IPO.
Source: Business Daily