Daily News Egypt

IPO of Fawry 30x oversubscribed in EGX - Daily News Egypt

Advertising Area



Advertising Area



IPO of Fawry 30x oversubscribed in EGX

The offering included 36% stake, which represents 21% of its capital.


The IPO of the e-payment network Fawry was 30x oversubscribed in the Egyptian Exchange (EGX), Fawry revealed in a Monday statement.

Until Monday session, 2,340 orders were issued with a total of 1.06bn shares.

The offering included 36% stake, which represents 21% of its capital.

Fawry plans to list 36% of its share capital, worth up to EGP 1.6bn ($97m), out of which, Actis, Banque Misr and National Bank of Egypt would each be acquire a total of about 7% of the stock, while another 5% would be offered to retail investors.

The offering manager EFG Hermes announced the institutional offering of Fawry was 15.9x oversubscribed at EGP 6.46 per share (offer price), having generated about EGP 360m ($22m),

Fawry has set the final price of its shares at EGP 6.46 per share to offer more than 254.629m ordinary shares in the EGX, equivalent to 36% of the company’s issued capital.

Hermes said that the ownership of indirect shareholders through Payments Solutions will be transferred into direct ownership after trading on the shares begin, while freezing 51% of their shares for two years. A request shall be made to the Financial Regulatory Authority to exclude the main shareholders from making a mandatory purchase offer in the transfer of ownership.

Advertising Area


https://eklutdvotyzsri.dailynewssegypt.com/2019/08/05/ipo-of-fawry-30x-oversubscribed-in-egx/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe