Trading on Fawry shares starts on EGX

CAIRO - 8 August 2019: Trading on listed shares of Fawry on the Egyptian Exchange (EGX) started Thursday, August 8, after the company received the approval of the stock exchange.

Fawry offered 36 percent of its shares on EGX to collect LE 1.6 billion; of which about 21 percent will be offered to Actis, Banque Misr and National Bank of Egypt at 7 percent each.

The remaining 15 percent is divided into a public offering of small investors by about 5 percent, and 10 percent are floated to financial institutions and major investors.

EGX’s data revealed earlier that initial public offering’s (IPO) of digital payment company Fawry on EGX was oversubscribed by 30.3 times at LE 6.46 per share.

Last Thursday, the listing manager Investment bank EFG Hermes said that Fawry’s initial public offering on the Egyptian stock exchange was 15.9 times oversubscribed.

Hermes added that the share price was LE 6.4 per share.

Fawry, currently owned by five local, foreign and Arab funds, was established in 2009 and is operating in the field of banking technology and provides financial services to individuals and companies. The management and employees account for about 8 percent of the company's shares.

The company's capital recorded LE 353.652 million, distributed over 707.304 million shares at a nominal value of LE 0.50 per share.