Dubai-based private equity investor the Abraaj Group has exited its investment in a Tunisian pharmaceuticals firm through an initial public offering (IPO).

Unite de Fabrication de Medicaments (Unimed) was listed on the Tunis Stock Exchange on 4 May.

Unimed’s market capitalisation reached TD300m ($151m), with 25.45 million shares listed at a price of TD11.8. The IPO of 848,450 shares was 33 times oversubscribed.

It was the first IPO in Tunisia in 2016.

Abraaj invested in Unimed in 2011. Proparco, part of the Agence Francaise de Developpement, also bought a 34 per cent share for $5m.

In December 2015, Abraaj and Proparco sold 83 per cent of their combined stake. The investors included including Washington-based SQM, Blakeney Asset Management and the Tunisian-Kuwaiti Consortium of Development, and two local investors. 

Unimed’s revenue grew by almost 100 per cent between 2010 and 2015, with 35 per cent of sales overseas by the end of 2015.

Abraaj is focusing on sectors such as health and education in North Africa, where growth is driven by rising middle class populations.