Glaxo’s Supplier Plans Pakistan’s Largest Pharma IPO
- Citi Pharma plans to raise as much as 2.85 billion rupees
- Company to build a hospital, start making generic drug brands
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Citi Pharma Ltd., a raw material supplier to the Pakistani units of GlaxoSmithKline Plc and Abbott Laboratories, plans to raise as much as 2.85 billion rupees ($18 million), in potentially the biggest initial share sale by a drugmaker in the nation.
The Lahore-based company plans to sell shares within the next six weeks, according to Chief Executive Officer Rizwan Ahmad. The initial public offering may exceed the 2.8 billion rupees raised by AGP Ltd. in 2017, according to data compiled by Bloomberg.