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Egypt's Fawry raises $22 million in private placing ahead of IPO

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The digital payments firm plans to list 36 per cent of its share capital, Actis, Banque Misr as well as National Bank of Egypt will each be offered about seven per cent while the remaining five per cent will be offered to retail investors.

Sunday 04, August 2019 BY KUDAKWASHE MUZORIWA

Egypt’s Fawry has raised about EGP 360 million ($22 million) in a heavily over-subscribed private share placing ahead of its initial public offering (IPO) on the Egyptian Exchange.

EFG Hermes stated that bids were entered for 15.9 times the number of shares on offer in the placing, which was priced at EGP 6.46 per share.

The last IPO by a private company on the Egyptian Exchange was by Sarwa Capital in October 2018.

Fawry expects trading in its shares to start on the bourse on 8 August 2019, after receiving approval from the exchange.

The placing represents about 10 per cent of Fawry’s share capital and was targeted at financial institutions and major investors, reported Reuters.

 

TAGS : Fawry, IPO, Egyptian Exchange , National Bank of Egypt, Banque Misr

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