Cipla’s Ugandan Unit Raised $43.8 million from IPO
India's pharmaceutical giant Cipla has been one of the most popular companies in its sector. The Ugandan unit of the pharmaceutical giant has reportedly raised $43.8 million (167 billion Ugandan shillings) from its oversubscribed initial public offering (IPO).
Talking further about the IPO, Cipla Quality Chemical Industries Ltd (CQCIL) which is majority owned and operated by India's third-largest drugmaker sold 657 million shares equivalent to 18 percent of the firm's total equity. Every share in the IPO was priced at 256.5 shillings.
"The offering has been oversubscribed with the major part of the demand coming from blue-chip Sub-Saharan Africa investors," John Porter, chief business officer at investment bank Renaissance Capital stated.
Cipla is an Indian multinational pharmaceutica...