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EFG Hermes: Fawry shares' institutional offering is 15.9x oversubscribed - Daily News Egypt

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EFG Hermes: Fawry shares’ institutional offering is 15.9x oversubscribed

EFG Hermes Promoting and Underwriting announces the successful closing of the Institutional Offering for the Initial Public Offering (IPO) of Fawry for Banking and Payment Technology Services, the leading e-payments player in Egypt, according to press statement on Thursday.


EFG Hermes Promoting and Underwriting announces the successful closing of the Institutional Offering for the Initial Public Offering (IPO) of Fawry for Banking and Payment Technology Services, the leading e-payments player in Egypt, according to press statement on Thursday.

The statement said that the Institutional Offering was 15.9x oversubscribed at the Offer Price of EGP 6.46 per share (the “Offer Price”), having generated c. EGP 7.1bn (c. $431.0m).

“The 36.0% offering includes: 149,948,474 shares to Actis, National Bank of Egypt and Banque Misr (representing 21.2% of Fawry’s share capital), (the Cornerstone Offering); 69,315,803 shares to qualified institutional and high net worth investors (representing 9.8% of Fawry’s share capital), (the Institutional Offering); and 35,365,206 shares to retail investors (representing 5.0% of Fawry’s share capital) (the Retail Offering, and together, the Combined Offering),” the statement read.

Subscriptions for the Egyptian Retail Offering will close on 5August 2019. Commencement of trading on the Egyptian Exchange Stock Exchange (EGX), subject to the EGX’s permission, is expected to begin on or around 8 August 2019.

EFG Hermes Promoting and Underwriting S.A.E. is the Sole Global Coordinator and Bookrunner for the Combined Offering. Zulficar and Partners is serving as the Combined Offering’s local counsel, meanwhile Zaki Hashem and Partners is serving as local counsel to the Issuer.

Topics: EFG Hermes Fawry
https://eklutdvotyzsri.dailynewssegypt.com/2019/08/01/efg-hermes-fawry-shares-institutional-offering-is-15-9x-oversubscribed/
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