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Macro Group Pharmaceuticals (Macro Capital) S.A.E. (“Macro Group”, “Macro”, the “Company" or the “Issuer”), one of the largest and fastest growing cosmeceutical companies in Egypt, announces that the Company’s ordinary shares (the “Shares”) will begin trading today on the Egyptian Exchange (the “EGX”) under the symbol MCRO.CA at 10:00am CLT, at EGP 4.85 per Share (the “Offer Price”).


Trading begins after the conclusion of the book-building process that saw the Company’s selling shareholder offer 251,287,978 Shares through a private placement to qualified institutional investors in several countries, including Egypt (the “International Offering”), and a further 13,225,683 Shares to retail investors in Egypt (the “Egyptian Retail Offering”, together the “Combined Offering”).

 

The Institutional Offering was c. 1.8x oversubscribed, while the Egyptian Retail Offering was 102.2x oversubscribed, demonstrating a strong appetite from international, regional, and local investors for a fast-growing and leading player in Egypt’s cosmeceuticals sector.

 

 

Macro Group’s market capitalization at the IPO stands at EGP 2,800 million (c. USD 178 million).

 

EFG Hermes Promoting and Underwriting S.A.E. (“EFG Hermes”) was Sole Global Coordinator and Joint Bookrunner and Renaissance Capital Egypt for Promoting and Underwriting of Securities S.A.E. (“Renaissance Capital”) was Joint Bookrunner for the transaction (together, the “Joint Bookrunners”). White & Case LLP (“White & Case”) acted as international and local (in association with MHR & Partners) counsel to the Issuer. Dechert LLP and Zaki Hashem & Partners Attorneys at Law were counsels to the Joint Bookrunners. PricewaterhouseCoopers (PwC) was appointed as the Company’s external auditor and Grant Thornton as its independent financial advisor.

 

Commenting on the conclusion of the Combined Offering, the Company’s Chairman and Co-founder, Dr. Ahmed El Nayeb, said: “With the start of trading today Macro officially joins the ranks of publicly traded companies in Egypt. I would like to extend my sincerest gratitude to all of our employees for their readiness to take Macro to the next level. We are especially pleased with the strong local interest in Macro and for the trust we have been shown from our new shareholders as well as our existing ones during the listing process. We welcome them onboard as we embark on this exciting new phase of Macro’s growth story”.

 

Macro Group Pharmaceuticals (Macro Capital) S.A.E.

Established in 2005 as a joint partnership by Dr. Ahmed El Nayeb and his partner, Macro Group is one of the leaders in Egypt’s fast-growing Cosmeceuticals space, with a market share of 23.1%1 recorded in 2020 based on the therapeutic areas in which it operates. The Company is principally engaged in the manufacture and sale of cosmeceutical and has recently ventured into nutraceutical products. While all of the Company’s products are available over-the-counter, Macro Group also utilizes a prescription-based sales strategy and generates demand through an incentivized medical salesforce of c. 549 employees that targets physicians and pharmacies nationwide. The majority of Macro Group’s diverse portfolio of 112 marketed SKUs as of 30 September 2021 is manufactured in-house at its production facility in Badr City. The Company’s local-brand portfolio includes household names such as Orovex, Gold, Scaro, Topi-Gent and Frost. By developing its own branded products which are both cosmetic and may help achieve a therapeutic effect, the Company offers an attractive value proposition and benefits from an advantageous regulatory framework for cosmetics as well as the defensive attributes and demand profile of prescription-based pharmaceuticals.