CI Capital IPO oversubscribed 29.5x

CAIRO – 24 April 2018: The initial volume of purchase orders on CI Capital in the private market reached 664.62 million shares, the Egyptian Exchange (EGX) announced in a statement on Tuesday.

The statement added that the initial public offering is oversubscribed 29.5x.

The EGX said on Sunday that the private offering of CI Capital is oversubscribed 6.1x, reaching LE 1.56 billion ($88.1 million), determining the final price for the issuance of the company’s shares at LE 7.70 per share.

The public trading on CI Capital shares will start Monday, April 30.

The listing of CI Capital Holding’s shares was approved by the EGX earlier with an issued capital of LE 411.45 million distributed over 411.45 million shares and a nominal value of LE 1 per share.

The company’s capital will be issued in four issuances worth LE 10 million, LE 40 million, LE 261.45 million and LE 100 million, respectively.

CI Capital Holding announced in March that it planned to issue 43.6 percent of the group’s share capital on the EGX, amounting to 246.9 million ordinary shares.

Initial public offerings (IPOs) of CI Capital consist of a secondary sale of shares by the group’s selling shareholders.

The group clarified that current shareholders will use a portion of the proceeds to subscribe for a capital increase up to LE 1 billion in newly-issued shares.

In 2016, Egypt launched the government’s IPO program launched to offer shares over three to five years in several state-owned companies in fields such as petroleum, services, chemicals and real estate. The program will serve as a main tool to attract local and foreign capital flows to Egypt in order to help boost state finances.