• El Ezaby Pharmacies is considering an Egyptian Exchange listing by 2027, though the IPO remains early with key details undecided.
• B Investments holds 49% of the chain and partnered with Egypt’s sovereign fund to launch a logistics and distribution platform.
• B investment plans USD 46M in new capital, targeting acquisitions, education assets, and healthcare expansion across Egypt and Gulf markets.

El-Ezaby 

El Ezaby Pharmacies Group, one of Egypt’s largest pharmacy chains, is studying a potential listing on the Egyptian Exchange, with a tentative timeline targeting 2027.

In an interview with Asharq Business, Hazem Barakat, Chairman of B Investments, said that the IPO plan for El Ezaby is still in its early stages.  He further notes that no offering manager has been appointed yet. Additionally, the size of the stake to be offered has not been determined.

The move, if executed, would bring one of Egypt’s largest pharmacy chains to public markets. It would also add to a growing pipeline of consumer and healthcare listings.

B Investments Holding is a major shareholder, owning roughly 49% of the company. Meanwhile, the remaining stake is held by the El Ezaby family who retain management control.

Founded in 1975, the chain has since then grown into one of the largest nationwide pharmacy chains.  In 2023, El Ezaby and B Investments entered a partnership with the Sovereign Fund of Egypt (TSFE) through its healthcare and pharma subfund.  This partnership’s purpose was to launch EZ International. The new entity provides integrated logistics and administrative services for pharmacy institutions. Its activities also include pharmaceutical distribution and trading. 

B Investment Future Plans

Separately, B Investments is preparing a new investment cycle. The firm plans to deploy around USD 46 million (EGP 3B) over the current and next year. This investment will focus on healthcare, education, and food and beverage.

The company is currently reviewing five acquisition opportunities with each transaction is expected to average about USD 10.6 million (EGP 500M). Furthermore, the firm is studying the acquisition of a stake in a local university worth more than USD 21.3 million (EGP 1B).

B Investments is also exploring opportunities beyond Egypt. The Gulf is a key target market, particularly for healthcare-related investments.