e-finance’s IPO likely to be Egypt’s largest in years
Foreign fund managers likely made up nearly 70% of demand for the offering to institutional investors
Traders work at the Egyptian Stock Exchange in Cairo June 1, 2014.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: The initial public offering (IPO) of e-finance for Digital and Financial Investments (EFIH) is expected to be the largest offering Egypt has witnessed in years.
Foreign fund managers likely made up nearly 70% of demand for the offering to institutional investors, Chairman and CEO Ibrahim Sarhan said in an interview with Lamees El Hadidi’s Kelma Akheera (watch, runtime: 6:50).
Trading on e-finance’s shares will begin on Wednesday, October 18th, opening at EGP 13.98 per share, Sarhan pointed out, adding that the IPO values at around EGP 5.8 billion ($367 million).
On Sunday, the Egyptian Exchange (EGX) announced that the public offering of e-finance was oversubscribed by almost 61.36x, with total purchase orders placed on 1.581 billion shares.
Founded in 2005, e-finance is the first fintech platform in Egypt and a leading digital payment infrastructures’ developer.
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