Today … the end of the Egyptian “e-Finance” subscription period

The period of acceptance of the Egyptian company’s public offer of e-finance for financial and digital investments, which began on 10 October, ends today, Sunday, in view of the company’s listing on the Egyptian Stock Exchange.

The percentage of the public offering is 1.61% of the e-finance shares (25.78 million shares), according to the prospectus.

And one of the handlers of the offering said last week that the company raised the private placement tranche rate for large investors to 23.5% of the total closing capital, after strong demand for the subscription.

The value of the e-finance offering (one of the largest initial offerings the country has seen in recent years) is expected to reach EGP 3.6 billion or more.

The value of the company is £ 22.37 billion in the price range per share set by the company at £ 12.50 – 13.98 per share in the prospectus.

E-Finance had stated that it wanted to offer 16.1% of the total shares of the company’s capital, divided in a private placement for investors of 90% of the shares offered, representing 14.5% of the company’s total shares, and a public offering to sell 10% of the shares offered in sale, which represents 1.61% of the company’s total shares.

The offer of “e-Finance” represents a resumption or a real start of the government’s public offer program, which has been severely delayed, and is accompanied by the preparation of 4 other state-owned companies for listing on the Egyptian Stock Exchange, which it should be offered until the end of the fiscal year in course in June 2022, according to the government’s economic minister, Hisham Tawfik of Egypt.

Some other companies are closely watching the outcome of the offer. Among them is the company “Ebtikar”, which in it previously stated that it will offer its shares on the Egyptian stock exchange during the quarter in course, while the situation will also be monitored by the Macro Group, which postponed its initial offer in April. Mohamed Farid, head of the Egyptian stock exchange, expected the market to see 5-6 initial offers questyear, after the delays in 2020 due to the pandemic.

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