El Ezaby Pharmacies, one of Egypt’s largest healthcare retail chains, is studying a potential initial public offering (IPO) on the Egyptian Exchange (EGX) by 2027, in what could become one of the country’s most significant healthcare listings in years.

Egypt healthcare retail expansion
The development was disclosed by Hazem Barakat, chairman of B Investments, which controls approximately 49 percent of the company. The remaining stake is held by the El Ezaby family, who retain management oversight. Barakat noted that discussions remain at an early stage, with no offering manager appointed and the size of the stake to be floated yet to be finalized.

Strategic partnership with sovereign fund
In 2023, El Ezaby and B Investments partnered with the Sovereign Fund of Egypt (TSFE) through its healthcare and pharma subfund to establish EZ International. The platform focuses on logistics, pharmaceutical distribution, administrative services, and supply chain solutions.

The move signals ambitions beyond traditional retail pharmacy operations and into higher-margin infrastructure and healthcare services.

Egypt’s capital markets pipeline strengthens
B Investments is preparing for a new investment cycle, planning to deploy roughly EGP3 billion ($46 million) across healthcare, education, and food and beverage sectors over the next two years. The firm is also reviewing acquisition opportunities and exploring Gulf expansion.

Four decades of healthcare expansion
Founded in 1975, El Ezaby Pharmacies has grown into a nationwide retail pharmacy powerhouse. The company has capitalized on Egypt’s expanding population, rising healthcare demand, and the formalization of the country’s pharmaceutical retail sector.

An IPO would unlock capital to accelerate expansion, modernize distribution networks, and strengthen its competitive positioning within Egypt’s fragmented pharmacy market.

If completed, El Ezaby’s IPO would deepen Egypt’s capital markets pipeline and enhance investor exposure to the country’s resilient healthcare sector — a segment increasingly attracting domestic and foreign institutional capital.