UPDATE 1-Egypt's Ibn Sina Pharmaceuticals plans December IPO

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CAIRO, Nov 23 (Reuters) - Ibn Sina Pharmaceutical Industry, one of Egypt's largest drug distributors, plans to raise as much as 1.6 billion Egyptian pounds ($90.65 million) from offering nearly 40 percent of its shares on the bourse in December.

The Egyptian Financial Supervisory Authority (EFSA) has approved the company's prospectus with a maximum price cap of 6.66 pounds, an official at sole underwriter Beltone Financial Holding of the shares told Reuters on Thursday.

But Mohamed el-Akhdar, head of investment banking at Beltone, said the offering would range from 5.21 pounds to 5.95 pounds per share.

December 11 is expected to be the first day of trading, el-Akhdar said, with 85 percent of the IPO going to institutions and 15 percent to the public.

($1 = 17.6500 Egyptian pounds) (Reporting by Ehab Farouk and Amina Ismail; editing by Kim Coghill and Jason Neely)