Act Financial intends to use 100% of the IPO proceeds to increase the company’s capital without any exit from existing shareholders
Act Financial, an investment management firm, is on the verge of launching its highly anticipated initial public offering (IPO) on the Egyptian stock exchange (EGX), having received approval from the exchange. The company anticipates starting trading within two months, according to a release from the company.
Details of the IPO will be disclosed once the final listing on the EGX is completed in Q2 2024, the release explained.
Act Financial intends to use 100% of the IPO proceeds to increase the company’s capital without any exit from existing shareholders.
The company’s listing ticker on the EGX will be ACTF.CA.
Unconfirmed media reports from last month estimated proceeds to reach EGP 1 billion, with 75% distributed for acquiring stakes in EGX-listed companies, 20% for financing the registration of new SMEs on the EGX, and the remaining 5% for reviving its subsidiaries in securities trading and asset management.
“This has been our vision and dream since starting Act almost a decade ago in 2015. The IPO will not only mark a new chapter in our journey but also provide us with the necessary resources to capitalize on our pipeline of opportunities. This will allow us to grow and expand, further solidifying our position as a key player in the investment scene,” explained CEO Bassem Azab.
