CiplaQCIL headquarters.

CIPLA-Quality Chemicals Limited opened its initial public offer (IPO) on August 13 and will close on August 28, aiming to list on the Uganda Securities Exchange on 24 September.

The pharmaceutical company aims to raise US $45 million (about Shs166.5 billion through offering a 18 per cent stake via 657,179,319 shares at Shs256.50 per share, according to officials.

The company manufactures drugs that include anti-retroviral, anti-malarial and Hepatitis B medicines and its products are sold in Cameroon, Comoros, Kenya, Namibia, Tanzania, Uganda and Zambia.

India’s Cipla Limited, Uganda’s Quality Chemicals and the Government of Uganda set up the company as a joint venture in 2005, and TLG Capital and Capitalworks Investment Partners invested in the company in 2009, holding stakes worth 12.50 per cent and 14.40 per cent respectively.

Lead transaction advisor was reported to be Renaissance Capital in Kenya and Crested Capital in Uganda is the lead sponsoring broker.
It ends a 6-year listing drought as the previous IPO in Uganda was Umeme in 2012.