ArabFinance: The Investment Banking division of EFG Hermes Holding (HRHO) announced the completion of advisory on Macro Group Pharmaceutical’s (Macro Capital) (MCRO) EGP 1.3 billion initial public offering (IPO) on the Egyptian Exchange (EGX), according to an emailed press release on February 10th.
The IPO included a secondary sale of shares by the selling shareholder Leo 1 of up to 264.513 million existing shares, representing around 45.8% of the company’s outstanding share capital listed on the EGX.
The offering also covered a private placement to specific eligible investors in Egypt and several countries by 1.79x as well as a retail offering to retail investors in Egypt by 102.2x, with trading on Macro Group’s stock starting trading today under the ticker (MCRO.CA).
EFG Hermes’ Investment Banking division served as the sole global coordinator and joint bookrunner for the transaction.
“We’re delighted to have advised Macro Group on its IPO and the first in the Egyptian cosmeceutical space. The IPO highlights the rapid expansion of the industry as well as the growing demand for high-quality, innovative cosmeceutical products driven among Macro Group’s growing customer base,” EFG Hermes’ Co-Head of Investment Banking Mostafa Gad said.
Macro Group is one of the Egypt’s fast-growing companies in the cosmeceuticals sector, with a market share of 23.1% in 2020.
EFG Hermes is an EGX-listed company that has a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.