Wednesday, August 15, 2018

Uganda's Cipla announces share price for IPO

By Esther Nakkazi

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).

"This will encourage and enable Ugandans to share in our success story after being under private ownership for over 13 years," said Emmanuel Katongole the Executive Chairman of CiplaQCIL. 

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).

"Interested investors can contact the authorised selling agents and members of the (USE) or visit any branch of Standard Chartered Bank to participate in the CiplaQCIL IPO," said Joseph Kibuuka of Crested Capital, the Lead Sponsoring Stockbroker for the IPO.

"Our long-term vision at CiplaQCIL is to become a center of excellence in the manufacturing of quality and newer medicines that improve the quality of life," said Nevin Bradford the CEO of CiplaQCIL.  

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. 

The Company’s products and pipeline target three major diseases that are widespread in Uganda and SSA and comprise anti- malarials, anti-retrovirals and Hepatitis B and C drugs. 

CiplaQCIL’s relevant products have been pre-qualified by the World Health Organization and approved by regulatory authorities in 19 countries, including Uganda, Kenya, Rwanda, Tanzania, Namibia, Ivory Coast, Zambia, Zimbabwe, Malawi, Namibia, Mozambique, Ghana, Ethiopia, Angola and South Sudan.

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