Cipla Quality Chemical Industries Limited Initial Public Offering and USE Listing

Davis Polk advised the bookrunner in connection with the initial public offering of Cipla Quality Chemical Industries Limited on the Uganda Securities Exchange. The offering consisted of 649,384,486 ordinary shares at a price of UGX 256.5 per ordinary share, for total gross process of approximately UGX 166.6 billion (US$45.4 million).

The offering consisted of an offer for sale by certain of CiplaQCIL’s shareholders to institutional and retail investors in Uganda and other jurisdictions. The ordinary shares have been admitted to trading on the Main Investment Market Segment of the Uganda Securities Exchange under the symbol “CQCIL.”

CiplaQCIL is a pharmaceutical plant based in Kampala, Uganda. It focuses on the production of anti-retroviral, anti-malarial and hepatitis drugs that are sold in Sub-Saharan Africa.

The Davis Polk corporate team included partner Reuven B. Young, senior counsel Paul E. Kumleben and associate Ida Araya-Brumskine. Partner Dan Hirschovits and associate Marcelo Valenca provided English law advice. All members of the Davis Polk team are based in the London office.