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.

Traders work at the Egyptian Stock Exchange in Cairo June 1, 2014.

REUTERS/Mohamed Abd El Ghany

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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