Korra Energi ended its trading debut on the Egyptian Exchange (EGX) with strong gains, as the stock rising 19.20% to close at EGP 3.54 per share. The company floated around 11% of its capital.

The stock hit an intra-day high of EGP 3.87 and a low of EGP 3.31 as it searched for a stable range.  Shares are allowed to swing within a 40% range in either direction on the first day of trading, before being limited to a 20% range starting from the second day of listing.

Prime Holding led the IPO as offering manager, while El Sherif Law Firm & Consultants served as counsel and Baker Tilly was the independent financial advisor.

The listing marks Egypt’s second IPO this year, following Gourmet’s offering, and the first to take place since the outbreak of the Iran war.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com