(Changes headline to read 102 times covered and not 102% covered)
CAIRO (Reuters) -Egypt’s Macro Group Pharmaceuticals covered a 1.3 billion Egyptian pound ($83 million) retail portion of an initial public offering by 102 times at its close on Monday, according to Egyptian stock exchange data.
Macro Group, a pharmaceuticals and cosmetics company founded in 2002, is selling 45.8% of its shares, of which 95% were offered to investors privately and 5% publicly to retail investors.
The company said on Thursday that the portion earmarked for private investors had been oversubscribed by 1.79 times.
Retail investors had offered to buy 1.35 billion of the 13.23 million retail shares on offer at 4.85 pounds each, according to stock exchange data. This implies a valuation of the entire company of 2.8 billion pounds.
It expects the shares to begin trading on the Egyptian stock exchange on Thursday.
($1 = 15.6600 Egyptian pounds)
(Reporting by Patrick Werr, Editing by Louise Heavens)
