|23 February, 2020

Emerald’s IPO 17.7 times oversubscribed – Egyptian Exchange

Investors have placed orders for 61.97mln shares

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo –  The initial public offering (IPO) of Emerald Real Estate Investment has been oversubscribed by about 17.7 times.

Investors have placed orders for 61.97 million shares, the Egyptian Exchange said in a statement on Sunday.

In January, the listing committee of the EGX decided to list Emerald’s stock with an issued capital of EGP 250 million distributed over 250 million shares.

For the full-year 2019, the real estate firm’s net profits rose to EGP 26.15 million from EGP 17.62 million in 2018.

Source: Mubasher

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