FILE - Employees in the EGX following performance of the trading session on December 12, 2017 FILE - Employees in the EGX following performance of the trading session on December 12, 2017

Al Tawfeek’s IPO 28x oversubscribed

Sun, Dec. 24, 2017
CAIRO – 24 December 2017: Financial lease firm Al-Tawfeek Leasing Company’s initial public offering (IPO) is 28 times oversubscribed, the Egyptian Stock Exchange (EGX) announced in a Sunday statement.

The initial buying demands of Al-Tawfeek shares were 134.45 million shares, the EGX added.

Last week, Al-Tawfeek said that institutional offering is 40.16 times oversubscribed for 14.4 million shares at a total value of LE 95.04 million.

The final price set for the 4.8 million shares’ public offering, which accounts for 25 percent of the total offering, is LE 6.6 per share, Al-Tawfeek announced last week.

AT Lease earlier in December announced that it plans to publicly offer 24 percent of the company (19.2 million shares) and has established a fair value of LE 6.93 per share.

Financial investment firm Pharos Holding is the IPO manager.

In the first nine months of 2017, the company's net profit stood at LE 43.396 million, while the consolidated net profit is LE 27.954 million.

AT Lease CEO Tarek Fahmy told Egypt Today in September that the company is also looking to offer LE 500 million in funding for companies in the pharmaceutical, education, automotive and real estate sectors.
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