Cipla Quality Chemical Industries Limited (CiplaQCIL), a leading pharmaceutical manufacturing company in sub-Saharan Africa have announced their opening of the Initial Public Offer (IPO) starting Tuesday, August through Friday 24 August 2018 as part of their growth strategy.
CiplaQCIL is a joint venture between India-based Cipla and Uganda’s Quality Chemicals Ltd (QCL).
The company aims to raise $45 million from its issued shares that are going for 256.5 shillings per share on the Uganda Securities Exchange (USE).
Each of the shareholders will be selling a minority of their stakes to enable sufficient free float and liquidity. Cipla Group, represented through a subsidiary, will retain a majority stake.
The listing has received the relevant approvals required, and the Company will provide further details shortly. Renaissance Capital is acting as the lead transaction advisor and book runner and Crested Capital is the lead sponsoring stockbroker to the listing.CiplaQCIL is a state-of-the-art pharmaceutical plant based in Kampala, Uganda and focused on the production of high-quality, WHO pre-qualified, life-saving medicines for the Sub-Saharan Africa (SSA) region.