Initial public offerings (IPOs) for Egypt-based Geos for Trading and Contracting and Hedgestone Investment are expected to take place on the Egyptian Exchange before the end of the third quarter of this year, according to Mohamed Sayed, Chairman of Prime Capital, the underwriting and placement firm managing the potential offerings.

The Egyptian Exchange is expected to witness a revival in IPO activity, with two anticipated government listings — Banque du Caire and Misr Life Insurance — while several private companies have also announced their intention to go public. This year has already seen an IPO by food company Gourmet Egypt.

“We are working on two companies (Geos and Hedgestone) to prepare them for IPOs on the Egyptian Exchange... they will both debut before the end of the third quarter,” Sayed told Zawya Arabic.

Geos aims to offer 25% of its shares on Egypt’s main stock market while Hedgestone Investment, which operates in the automotive spare parts and oils, plans to offer 15% of its shares on the Nile Stock Exchange for small and medium-sized enterprises.

The IPOs were originally targeted for the first quarter of this year, but according to Sayed, the timeline was pushed back due to delays in obtaining the required approvals.

Click here to read the article in Arabic.