Egyptian digital payments company Fawry has raised about 360 million Egyptian pounds ($22 million) in a heavily over-subscribed private share placing ahead of its initial public offering (IPO) on the local stock exchange, the listing manager said on Thursday.
Investment bank EFG Hermes said bids were entered for 15.9 times the number of shares on offer in the placing, which was priced at 6.46 Egyptian pounds per share.
The placing represents about 10% of Fawry’s share capital and was targeted at financial institutions and major investors.
In total, the company plans to list 36% of its share capital. Actis, Banque Misr and National Bank of Egypt will each be offered about 7%, EFG Hermes said in a statement. The remaining 5% will be offered to retail investors.
Fawry, founded in 2009, is owned by local and foreign investment banks. About 8% of its shares are held by management and employees.
Fawry’s network processed 600.1 million transactions last year with a total value of 34.2 billion Egyptian pounds, EFG Hermes said in its statement.
The company made core profit of 152 million pounds in 2018, up 41.2% on the previous year.
The last IPO by a private company on the Egyptian stock exchange was that of consumer finance business Sarwa Capital in October.
Fawry expects trading in its shares to start on the bourse on August 8, 2019, after receiving approval from the exchange.
Egyptian digital payment firm Fawry sets IPO price at 6.46 Egyptian poundsEgyptian digital payment company Fawry has set the price for its initial public offering (IPO) at 6.46 Egyptian pounds ($0.3906), it said on Friday. ... Technology
Egypt aims to amend VAT law, draft new income tax law: MinisterEgypt will form a committee to amend its value-added tax law and the country will also work to draft a new income tax law this fiscal year, Finance ... Economy
Egypt to receive final two billion of $12 billion loan from IMFOn Wednesday, the International Monetary Fund (IMF) announced that it has completed its fifth and final review of Egypt’s economic reform ... Business
Egypt’s GDP growth at 5.6%, deficit at 8.2% for 2018/19 fiscal yearEgypt’s economy grew 5.6% in the 2018/19 fiscal year and is “on the right track” as it completes IMF-backed reforms, Prime Minister ... Economy