Shares of Gourmet Egypt surged nearly 40% in their first trading session on the Egyptian Exchange (EGX) on Tuesday, marking the first initial public offering (IPO) of 2026.

The company, formally known as Gourmet Egypt.com Food, priced its IPO at EGP 6.90 per share, representing the upper end of the previously announced price range, according to a company statement.

The offering raised EGP 1.32 billion through the sale of 47.6% of the company’s shares, valuing Gourmet Egypt at approximately EGP 2.76 billion at the offering price.

The IPO comprised a private placement tranche for institutional investors and high-net-worth individuals, alongside a public offering tranche for retail investors in Egypt. The private placement was oversubscribed by 12.2 times, while the public tranche attracted demand exceeding 55 times, reflecting strong investor appetite.

EFG Hermes, an EFG Holding subsidiary, acted as international coordinator and bookrunner for the transaction. The selling shareholders included B Investments Holding, alongside Galal Abu Ghazala, Bassem Abu Ghazala, Dima Abu Ghazala, and Amgad Sultan.

The offering attracted strong participation from regional and international institutional investors, in addition to regional family offices and local institutional and retail investors, the company said.

Founded in 2006, Gourmet Egypt began retail operations in 2008 and has since evolved into an integrated premium food retail platform, operating physical stores, e-commerce channels, and delivery services. In 2015, the company launched its wholly owned manufacturing subsidiary, Gourmet Food Solutions, producing a range of private-label products.

Gourmet currently operates 21 outlets across Greater Cairo, Alexandria, and El Gouna, in addition to seasonal branches on the North Coast, supported by a rapidly growing digital platform and delivery network.