Initial Public Offering
Egypt’s Prime Minister Mostafa Madbouli said the government keeps on implementing the Initial Public Offering (IPO) program, which aims to empower the private sector and increase its contribution to different economic activities.
Fawry expects to start trading on its shares on EGX on August 8, after receiving the approval of the stock exchange.
Investment bank EFG Hermes said the share price was 6.4 Egyptian pounds ($0.3874) per share.
IPO program is expected to raise the market capitalization by LE 450 billion and to be implemented within 23 months from January 2019.
The final price set for the 4.8 million shares’ public offering is LE 6.6 per share.
EFG Hermes is also planning to launch IPOs of two other companies working in the industrial sector.
Egypt expects to see three to five initial public offerings before the end of this year.
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