August 14, 2018 / 9:53 AM / 3 months ago

UPDATE 1-Drugmaker Cipla's Ugandan unit prices IPO

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KAMPALA, Aug 14 (Reuters) - The Ugandan unit of Indian drugmaker Cipla priced its initial public offering on Tuesday at 256.5 shillings per share, aiming to raise $45 million from its listing on the Kampala stock exchange next month.

Cipla Quality Chemical Industries, which is majority owned by India’s third-largest drugmaker, is selling 657,179,319 shares, or an 18 percent stake in the company.

It makes a range of drugs including antiretrovirals, anti-malaria and Hepatitis B and C drugs, which it sells mostly in sub-Saharan African countries, and will become the 17th company to list on the Ugandan stock exchange.

Chief Executive Officer Emmanuel Katongole, in a statement, said the IPO would enable Ugandan investors to share in the company’s success.

Cipla, which was established in 2005 and has a manufacturing plant in Kampala, is set to make its market debut on Sept. 17.

It said it expected to raise 168.6 billion Ugandan shillings ($45 million) in the IPO. The offer opened on Tuesday and is expected to close on Aug. 24.

The drugmaker made a net profit of 44.6 billion shillings for the year ended in March this year. ($1 = 3,730.0000 Ugandan shillings) (Reporting by Elias Biryabarema Writing by Clement Uwiringiyimana Editing by David Goodman and Susan Fenton)

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