Egypt wants to raise $5B from its IPO program by mid-2024

CAIRO – 30 August 2023: Egypt plans to collect $5 billion by offering stakes of some state-owned companies to strategic investors from October 2023 until the end of June 2024. This came in a report on the Government’s IPO (Initial Public Offering) Program published by the Cabinet's Information and Decision Support Center (IDSC).

Egypt’s IPO program is a list of 32 state-owned companies that was offered in February 2023 to strategic investors, the public offering on the Egyptian Stock Exchange, or both, to provide foreign currency, within the framework of a state-owned policy document.

Egypt expanded its IPO program on Tuesday by adding three companies. The companies are: Eastern Company, Al Ezz Dekhila, and Telecom Egypt.

The IPO program, which now totals to 35 companies, is one of state strategies to overcome the shortage of foreign currency by attracting more investors.

The document pushes Egypt to increase private sector participation and open up prospects for foreign investment.

The government declared is also offering stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm.