Dice announces successful pricing of its public offering on EGX



Sat, 04 Nov 2017 - 04:12 GMT


Sat, 04 Nov 2017 - 04:12 GMT

Dice’s revenue for the six months ending June 30, 2017 stood at LE 512.7 million – Reuters

Dice’s revenue for the six months ending June 30, 2017 stood at LE 512.7 million – Reuters

CAIRO – 4 November 2017: Dice Sport and Casual Wear S.A.E. announced Saturday the successful conclusion of the book-building process for, and the pricing of, the international offering to institutional investors of 28,089,457 existing ordinary shares at a price of LE 22.60 per ordinary share, a statement from the company said.

The institutional offering was oversubscribed, having generated LE 2.0 billion ($112 million) in demand. At the Offer Price, the market capitalization of the company is LE 1.2 billion ($68 million) prior to the execution of the Closed Subscription, the statement reads.

The Offering will include an Institutional Offering to institutional investors, an Egyptian Retail Offering to retail investors in Egypt (collectively the “Combined Offering”). The Combined Offering will consist of 33,046,420 ordinary shares, including 28,089,457 shares for the Institutional Offering and 4,956,963 shares in the Egyptian Retail Offering.

Subscriptions for the Egyptian Retail Offering will close on Tuesday, 7 November 2017.

“In light of the recent macroeconomic developments, Dice has succeeded in leveraging its position as a key beneficiary of the devaluation of the Egyptian pound and government support for local manufacturers to increase their global competitiveness. We continue to expand further through a combination of organic and inorganic growth across the value chain,” DICE’s Chief Executive Officer Nagy Toma said.

Toma said that his company aims to continue the growth trajectory, saying that DICE is an integrated export oriented apparel ready-made garments manufacturer, serving global brands, with 73.2 percent of H1 of 2017 revenues denominated in U.S. dollars.

Founded in 1989, Dice Sport and Casual Wear evolved into a vertically integrated apparel manufacturing platform via an organic and inorganic growth strategy.

The Company has nine majority-owned subsidiaries and operates manufacturing facilities in five different governorates (Cairo, Alexandria, Menoufia, Beheira and Sharqia) specializing in knitting, sewing, dyeing, and printing.

In 2016, the company exported 16 million pieces worth more than $50million to clients across Europe. Dice’s revenue for the six months ending June 30, 2017 stood at LE 512.7 million, growing by 56.7 percent, compared to the first half of 2016.



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