Citi Pharma Ltd., a supplier of raw materials to the Pakistani GlaxoSmithKline Plc and Abbott Laboratories units, plans to opt for an initial public offering (IPO) on the Pakistan Stock Exchange (PSX), sources announced on Friday.
According to the financial advisor for the IPO, Topline Securities Pakistan Ltd., the initial public offer would include 35 percent of the company’s equity or 72,7 million shares at Rs. 28 per share with an upper limit of 40 percent.
The initial public offering is expected to surpass the Rs. 2.8 billion rupees raised by AGP Pharma Ltd. in 2017, according to the report.
The CEO also shared that this expansion would allow the company to start producing branded drugs and supply other businesses with medicines. It’s already in negotiations, he said, with Glaxo, Searle Co., and Martin Dow for the same matter.