IPO
The decision was made in coordination between the banks managing the offering, Banque Misr, and the Central Bank of Egypt, due to ongoing geopolitical tensions in the Middle East and subdued market conditions during the summer period.
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.
Total purchase orders submitted through the special deals market (OPR) reached about 3.1 billion shares, significantly exceeding the number of shares offered.
The proposed listing covers issued capital worth LE 400 million, distributed over 40 million shares with a nominal value of LE 10 per share.
The companies include Wataniya Petroleum, Silo Foods, ChillOut, and the National Company for Roads Building and Development.
The companies have a combined issued capital of around LE 1.24 billion, with four set to be listed on the main market and two on the SME exchange.
In a statement, the exchange said its listing department is currently reviewing NIRCO’s application to be listed on the small and medium enterprises market.
The minister said the offerings are part of a broader pipeline aimed at deepening Egypt’s capital markets and attracting foreign investment.
In a recent press release, Bonyan confirmed that it has received official approval from the EGX's listing committee to list its shares under the ticker symbol "BONY.CA."
Additionally, the exchange will debut another index combining sustainability and Sharia compliance in the first half of the year.
During a press conference, Madbouly confirmed that Wataniya and Safi will be listed on the stock market by mid-next year. Additionally, shares of state-owned Alexandria Bank and Banque du Caire will also be included in the upcoming offerings.
According to the bank, the share price was set at LE 13.85, with the offering divided into two tranches.
The bank revealed the retail portion of its offering will take place between November 20 and 25, while the institutional segment will run from November 27 to December 3.
These initiatives align with the government’s objectives to attract investments, enhance economic growth, and strengthen foreign currency reserves.
The IPO could raise between LE 4.2 billion and LE 5.1 billion, with the final price to be determined through a book-building process.
The bank expects to issue the shares on the EGX by Q4 2024, contingent on prevailing market conditions and the finalization of approval procedures.
Tabarak Holding is set to make its long-awaited debut on the Egyptian Exchange (EGX) in the second half of 2025, according to chairman Ali Al Shorbany, planning to list 30 percent of its shares, marking a significant milestone for the company as it seeks to raise capital for future projects.
El-Kady revealed that the bank will be meeting with potential investors in the Gulf, Europe, and the USA to offer its shares, sharing that the bank could sell a maximum stake of 49 percent
Madbouly outlined the government's intention to present a diverse range of attractive investment opportunities to both Arab and foreign investors during the EU-Egypt Investment Conference, scheduled for June 29-30
This decision follows a suggestion from the World Bank and supports the government's plan outlined in its state ownership policy document
