Egyptian investors allocate 80% of Fawry's IPO: EGX
EGX welcomed on August 8, Fawry for Banking Technology and Electronic Payment, a newly listed company under the number 216, to its main market with a trading code “FWRY.CA”.
"A ringing of bill ceremony was held today in the presence of the upper management of Fawry and EGX," EGX stated. EGX also revealed that the private offering was oversubscribed by 16 times and that the public offering was covered by 30 times.
The company offered 254.6 million of its shares, representing 36 percent if its total shares, at LE 6.46 per share with a total value of LE 1.64 billion.
EGX Chairman Mohamed Farid said that EGX’s management always supports potential companies with solid growth plans in all sectors in line with Egypt's plans to achieve economic growth in an inclusive and sustainable manner.
He added that Fawry is the first listing in the Egyptian Capital Market in 2019, confirming that the diversity of the stock market allows it to be a more attractive market to investors.
For his part, CEO of Fawry Ashraf Sabry said that the commencement of trading on Fawry in EGX is an important step for growth and will definitely support its expansion plans.
CAIRO - 8 August 2019: Trading on listed shares of Fawry on the Egyptian Exchange (EGX) started Thursday, August 8, after the company received the approval of the stock exchange. Fawry offered 36 percent of its shares on EGX to collect LE 1.6 billion; of which about 21 percent will be offered to Actis, BanqueMisr and National Bank of Egypt at 7 percent each.