Korra Energi has revised the coverage ratio of its private placement in the Egyptian Exchange offering to 3.02 times, down from a previously announced 5.7 times, following a final review of investor payments.
In a disclosure to the Egyptian Exchange (EGX), the company said the adjustment was made after receiving a report from Prime Capital, the IPO manager, which reassessed actual cash inflows from participating investors through brokerage firms.
The review confirmed that the final settlement of subscriptions placed the private tranche coverage at 3.02 times, based on paid orders rather than initial subscription figures.
Despite the revision, the company said demand for the private placement remained strong, exceeding the available shares by more than three times, reflecting continued investor appetite for the offering.
The correction comes after the EGX announced
earlier that the public offering was oversubscribed by 31.35 times, with orders reaching around 3.1 billion shares via the special deals market (OPR).
The private placement tranche included 148.5 million shares, representing 60% of the total offering, and was offered to qualified Egyptian investors between May 18 and May 24.
Korra Energi is targeting around EGP735 million in proceeds from listing 11% of its capital at LE2.97 per share, implying a 7.2% discount to its estimated fair value of EGP3.20 per share.
Korra Energi was established in 1997 under its original name ConsuKorra Company, before becoming a joint-stock company in 2009 and adopting its current name in 2024.