The private placement of Macro Group Pharmaceutical’s (Macro Capital) (MCRO) shares on the Egyptian Exchange (EGX) has been 1.79x oversubscribed at a price of EGP 4.85 per share, informed sources told Bloomberg Asharq.
Macro Capital is offering up to 45.8% of its shares for sale, representing 264.513 million shares, of which 95% or 251.287 million shares are offered in a private placement, while the remaining 5% are offered through a public offering.
The company is seeking the total value of both the private and public offerings to reach EGP 1.3 billion.
EFG Hermes (HRHO) acts as the sole global coordinator of the offering, with Renaissance Capital taking part in managing the offering process.
Following the completion of the private placement, the initial public offering (IPO) of Macro Capital’s shares is expected to be complete by the end of next Monday’s trading session, after which trading on the company’s shares will begin in the same week.
Founded in 2002, Macro Group is a leading Egyptian cosmeceutical company based in Cairo.