Cipla′s Ugandan unit aims to raise $45mn

The Ugandan unit of Indian drugmaker Cipla priced its initial public offering on Tuesday at 256.5 Ugandan 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 per cent 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. Emmanuel Katongole, CEO, Cipla Quality Chemical Industries Limited, said in a statement 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 17 September. It said it expected to raise 168.6 billion Ugandan shillings ($45 million) in the IPO. The offer opened this week and is expected to close on 24 August. The drugmaker made a net profit of 44.6 billion shillings for the year ended in March this year.