Ibnsina Pharma starts trading on EGX

CAIRO – 12 December 2017: Minister of Investment Sahar Nasr opened Tuesday the first trading session of Ibnsina Pharma on the Egyptian Exchange (EGX).

“The initial public offerings (IPOs) of companies reflect the confidence of investors in the Egyptian economy and its ability to attract funds,” Nasr said.

"Trading on Ibnsina shares is crucial to expand governance operations, disclosure and transparency of companies," Chairman of the EGX Mohamed Farid said.

Ibnsina’s IPO was oversubscribed 14.5 times in Thursday’s trading session. Egypt's second largest distributor of pharmaceuticals set the share price at LE 5.8 due to heavy demand for both the private offering and the IPO.

The volume of orders amounted to LE 22.5 billion ($1.3 billion), with 500 orders coming from local companies, in addition to investors from the U.S., Europe, the United Kingdom and Gulf countries.