EGX: Trading Commences On Rameda Pharmaceuticals

The Egyptian Exchange’s (EGX) platform welcomed today listing of Rameda Pharmaceuticals in its market.  The Trading commenced on Rameda (RMDA.CA) with a ringing of bell ceremony celebrating the company number 215 on EGX’s main market platform in the presence of Rameda’s management, EGX’s chairman Mohamed Farid Saleh and EGX management.
 
Public and private offering covered 376,60 Million shares representing 48.99% of company’s total shares with a price of EGP4.66/share and with a total value of EGP1,754,983,960; EGP 1.6 Bn private placement and EGP87.7 Million public.
 
The IPO resulted in allocating 18.83 million shares representing 5% of the total shares offered while the private placement allocated 357,77 million shares representing 95%.
The private placement was oversubscribed by 1.2 times and the IPO by 36 times.
 
Farid welcomed the company number 215 to EGX’s platform, stressing that EGX’s management is working to improve the trading environment and simplifying listing procedures to enhance liquidity and raise the efficiency and depth of the Egyptian Capital Market.   
 
He added that EGX’s management continues to provide all forms of support to companies aiming for financing and growth. 
 
Dr. Amr Morsi, CEO of Rameda Pharmaceuticals expressed his pride with the result of the offering and joining EGX, which is a vital achievement in the company's growth plan and an endorsement of the company’s value in the market.  He thanked the efforts of all colleagues and all parties responsible fot the successful implementation of it’s offering. 
 
Since 2011 the company has embarked in an ambitious expansion strategy, resulting in positioning Rameda Pharmaceuticals among the leading pharmaceutical companies in the Egyptian market.