Clifford Chance

Clifford Chance advises underwriters on the IPO of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E.

International law firm Clifford Chance acted as international counsel to HSBC, Investec and CI Capital as underwriters on the USD 109 million IPO and Egyptian Exchange ("EGX") listing of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents S.A.E. ("Rameda").

The IPO was the largest in Egypt since 2015 and comprised an international offering to institutional investors, including in the United States to qualified institutional buyers in reliance on Rule 144A, and a retail offering to retail investors in Egypt.

Rameda is one of the fastest growing pharmaceutical companies in Egypt and is principally engaged in the manufacture and sale of a wide range of branded generic pharmaceutical products (both prescription and over-the-counter), as well as over-the-counter nutraceuticals, cosmeceuticals, food supplements, medical devices and veterinary products.

Lead partner Simon Thomas commented "We were delighted to have been instructed by HSBC and the other underwriters on this significant transaction in the Egyptian market and it completes a very successful 2019 for MENA IPOs for the firm, having also acted as the underwriters counsel on the IPO and London listing of Dubai based payment services company Network International and the ground breaking IPO and Saudi Stock Exchange listing of Arabian Centres".

The Clifford Chance team was led by partners Simon Thomas (Equity Capital Markets) and Alex Bafi (US Securities), and was supported by senior associate David Jahoda and associates Rezwan Azam and Phoebe Richardson in London, US associates Nick Brock and Ryan Bosch in Paris.