Cipla’s Ugandan Unit Expects to Raise $45 million from IPO
India’s pharmaceutical giant Cipla’s Ugandan unit is reportedly aiming to raise $45 million from initial public offering (IPO). The company priced its IPO at 256.5 shillings per share.
This amount is expected to be raised from its listing on the Kampala stock exchange next month. Cipla Quality Chemical Industries is majority owned by India's third-largest drugmaker and is selling 657,179,319 shares or an 18 per cent stake in the company.
In this regard, the company has stated that each of its shareholders would be “selling a minority of their stakes” in the IPO and also the transaction and potential listing had gained regulatory approvals.
The company expressed as part of its growth strategy, it “has been evaluating an initial public offering and listing of its issued share capital ...