Delaying their initial IPO date in April, founder Ahmed El Nayeb said that the company is waiting for market conditions to improve before listing
The IPO scene this year keeps expanding, as Cosmetics Company Macro Group Pharma is said to have hired EFG Hermes to support its upcoming EGX listing.
After delaying their initial IPO date in April, founder and Chairman Ahmed El Nayeb spoke to Al-Mal stating that the company is waiting for market conditions to improve before going through with the listing.
The company also noted the market’s capacity to absorb multiple offerings was a factor in the delay as well.
Macro was set to sell 45.8 percent of its shares, approximately 264.5 million, at an indicative price range of LE 5.30 - 6.15 in a secondary sale, with offerings to local and international institutional investors.
El Nayeb was quoted saying that the expected proceeds from the IPO would be around $100 million.
Currently, Macro Group Pharma’s shares are split with Kingsway Capital investment fund’s CHI Consumer at 46.32 percent, Alta Semper at 33 percent, with 20.52 percent owned by El Nayeb and family members.
The company's current capital is around LE 115.4 million, divided into 577.4 million shares, with a value of 20 piasters per share.
Founded in 2005, Macro Group’s IPO is expected to coincide with 80 new product launches in H12021. The company’s recent reports states a revenue of LE 430.5 million in 2020 with a 2018-2020 CAGR of 34 percent.
