Business News

Mecure Industries goes public, to list on NGX at N11.8 billion market capitalization

Leading healthcare company Mecure Industries Plc will list on the Nigerian Exchange making it a publicly quoted company.

The company is set to list on the 8th of November 2023 and with the ticker is MECURE.

According to details of the listing seen by Naijaonpoint, the company will list by introduction 4,000,000,000 Ordinary Shares at N2.96 per share. This will take the company’s market valuation upon listing to N11.84 billion.

The company has a net asset (or shareholders’ funds) of N9.3 billion as of its most recent financial statements. It also has retained earnings of N7.3 billion.

Mecure states that its principal activity is to carry out the business of manufacturing of pharmaceutical products, and distribution of pharmaceutical and nutraceutical products.

The listing documents show the company is currently majority owned by the Udani family with Samir, Avni, Arjun owning 32.29% each or a combined 96.87%. The company did not state how many shares it would be selling upon listing.

However, it stated that it has a total indebtedness of N14.876 billion as of March 2023, which is currently larger than the market capitalization of N11.84 billion It plans to achieve upon listing.

The company also reported a revenue of N26.6 billion in 2020 up from N20.6 billion as of 2021. Details of its 5-year statement indicate revenue has grown from about N15.1 billion in 2018 to what it is in 2022.

Mecure, established in 2005, is not just a key player in the healthcare sector but also a significant employer, with approximately 850 employees across locations in Abia, Anambra, Kano, and Lagos.

Cordos Capital Ltd and Cordos Securities Ltd are listed as the Financial Adviser and Stockbroker respectively.