The company looks to be on track, after announcing earlier in September that it planned to go public by Q4
Egypt’s e-finance for Digital and Financial Investments is getting ready to go public, announcing today the price range for its upcoming Egyptian Exchange (EGX) initial public offering (IPO).
According to a statement, FinTech platform e-finance will be offering 14.5% of its stake, representing 257.8 million shares, at between EGP 12.50 and 13.98 per share, which will distributed over 80 million shares of its existing shares.
The company looks to be on track, after announcing earlier in September that it planned to go public by Q4.
The final price of the IPO will be announced on next week on October 9th based on the demand, while subscription for the IPO will open on October 6th to 31st with trading set to begin on the 18th of October.
Related > Upcoming Administrative Capital for Urban Dev. IPO could be biggest in EGX history
Proceeds from the IPO will be used to finance the company's expansion plans as part of its growth strategy.
The offering is expected to be implemented through 2 traches, through a private offering for institutional investors and a public offering for retail investors.
Related > EGX chairman proposes allowing SPAC listings on exchange
The FinTech platform generated EGP 1.2 billion in revenues in 2020, with a compound annual growth rate (CAGR) of 30% between 2018 and 2020, and EGP 904 million in revenue in the first half (H1) of 2021, according to Mubasher.
