Egyptian drugmaker COPAD Pharma is reshaping the blueprint for its planned stock market debut, with the upcoming offering now expected to serve largely as an exit window for existing shareholders rather than a pure capital-raising exercise.
At the center of that shift is Tanmiya Capital Ventures (TCV), the private equity investor holding a 21% stake in the company. COPAD chief executive Ahmed Hosny said the proposed listing on the Egyptian Exchange will be predominantly secondary in structure, meaning a substantial portion of the shares offered to the public will come from current investors selling down their holdings.
The company is targeting a public float in the range of 20% to 30%.
The revised structure signals a notable change from COPAD’s earlier messaging, which had emphasized fresh fundraising to fuel expansion. Now, the focus appears more balanced between providing liquidity to investors and supporting future growth plans.
Financial expectations tied to the offering have also been trimmed slightly. COPAD now expects the IPO to generate around EGP 2.5 billion, below earlier projections that hovered near the EGP 3 billion mark. Revenue expectations for 2026 have similarly been adjusted, with the company forecasting approximately EGP 2.7 billion in sales instead of the previously anticipated EGP 3 billion.
Preparations for the listing are moving ahead with EFG Hermes appointed as financial adviser and lead manager, while Zulficar & Partners will oversee legal advisory work. The flotation could arrive as early as November 2026.
Alongside the IPO preparations, COPAD is pushing deeper into consumer-focused healthcare products, betting on higher-margin categories beyond traditional pharmaceuticals. The company plans to invest nearly EGP 200 million into launching about 40 nutritional supplement products under a new label, CintraVita.
Another consumer-health venture, Rivita — a cosmeceuticals brand currently awaiting regulatory clearance — is also part of the expansion strategy as COPAD looks to widen its footprint in Egypt’s growing wellness and personal care market.
