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.