Abraaj exits pharma group Unimed after IPO

The IPO of the pharma firm was heavily oversubscribed and is the first on the Tunis Stock Exchange this year.

The Abraaj Group has exited its remaining stake in Tunisian pharmaceutical group Unimed through a record listing on the Tunis Stock Exchange.

The inital public offering (IPO) was the first this year on the Tunisian stock market, and was priced at 11.8 Tunisian dinars per share, giving Unimed a market capitalisation of 300 million dinars ($150 million; €131 million).

It was 32.6 times oversubscribed, a record for the Tunisian exchange. It was the first pharma IPO in the country since 2007.

Dubai-headquartered Abraaj first invested in the company in 2011, through its 2007-vintage €114.97 million Kantara fund, according to a spokeswoman.

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