Korra Energi has issued a correction regarding the coverage of its private placement in the Egyptian Exchange offering, revising the ratio to 3.02 times, down from a previously announced 5.7 times.
In a disclosure to the Egyptian Exchange (EGX), the company said the adjustment followed a final review of subscription payments in coordination with Prime Capital, the IPO manager, after verifying actual cash inflows from investors participating through brokerage firms.
The reassessment confirmed that the final coverage of the private tranche stood at 3.02 times based on settled payments, rather than preliminary subscription figures previously announced to the market.
Despite the revision, Korra Energi said demand for the private placement remained strong, with subscriptions still exceeding the available shares by more than three times, reflecting continued investor interest in the offering.
The correction comes after the Egyptian Exchange earlier announced that the public offering of Korra Energi was oversubscribed by 31.35 times, with purchase orders reaching around 3.1 billion shares through the special deals market (OPR).
The private placement tranche consisted of 148.5 million shares, representing 60 percent of the total offering, and was allocated to qualified Egyptian investors during the subscription period from May 18 to May 24.
The company is seeking to raise about LE735 million through the listing of 11 percent of its capital at LE2.97 per share, reflecting a 7.2 percent discount to its estimated fair value of LE3.20 per share, according to the prospectus.
Korra Energi was established in 1997 under its original name ConsuKorra Company, before becoming a joint-stock company in 2009 and adopting its current name in 2024.
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