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Three Egyptian companies aiming for initial public offerings in 2019

Published: Updated:

Three private companies are aiming to finalize initial public offerings (IPOs) by the end of the year, Egyptian stock exchange Chairman Mohamed Farid said on Monday.

Two of the three companies have a combined market value of around 14 billion Egyptian pounds ($807.78 million) and the third is yet to be valued, Farid said. He did not name the companies or give the expected value of the IPOs.

A series of expected share sales by Egyptian private and public companies was delayed last year amid emerging global market turbulence.

The sale of up to 4.5 percent of Egypt’s top cigarette maker Eastern Company SAE marked last month the start of a plan to partially privatize five state companies.

Two private companies, Cairo for Investment and Real Estate Development (CIRA) and leasing company Sarwa Capital, listed in September and October last year.

“There are three companies that are actually working on finalizing their prospectuses, finalizing the issue requirements, all the documentation associated with the listing,” Farid told a business forum in Cairo.

One or two of the companies were looking to finalize the listing by mid-year, with all three expected to complete the process by the end of 2019, he said.

“In terms of the valuation and not the IPO, we have one at 8 billion (pounds) one a bit lower than this figure, around 6 billion, and one which has not yet conducted the valuation.”