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Sunday, 29 May 2016

Who’s next in the IPO pipeline after Cleopatra?

With Cleopatra Hospitals Company shares due to start trading on Thursday, 2 June, we wonder: Who’s next in the IPO pipeline? Baker & McKenzie’s 2016 IPO tracker forecast seven IPOs for Egypt, a list that didn’t include the in-progress offering of Cleopatra Hospitals Co. By our count, here’s where we stand:

  • Domty — Executed. Trading began 22 March. International institutional offering was 5.5x oversubscribed; domestic retail offering 10.7x oversubscribed. EFG Hermes was sole advisor.
  • Cleopatra Hospitals — In progress. Trading due to start 2 June. International institutional offering 6.7x oversubscribed; domestic retail offering continues. EFG Hermes is sold advisor.
  • BPE Holding (formerly Beltone Capital Holdings) — A senior company official tells us the IPO is pending the Egyptian Financial Services Authority’s approval of its IFA. The Egyptian investment holding company (which is managed by BPE Partners) is targeting a minimum offering of 10% and raising a first round of EGP 120mn. Expected Q3 2016.
  • El-Farasha Printing & Packaging — Said to be looking at a listing in July. No word on who is advising.
  • Misr Italia for Touristic Development — Looking to offer 10-20% to raise up to EGP 600 mn some time in 3Q2016, as we noted earlier this month. Prime Holding is advising.
  • Orange Egypt — The local subsidiary of France’s Orange may make a return to the EGX after Orange Group CEO Stephane Richard said in March 2016 that the company may offer up to 20% “in a few months’ time.”
  • Abraj Misr Co. — Reportedly interested in offering 15%, but no real update since late 2015, when they confirmed they planned a 2015 IPO. News first broke in 2014.
  • Unionaire — Believed to be eyeing an offering by year’s end, with EFG Hermes in the lead and Nasr Abou Abbas working on the valuation report.
  • Food Industries Holding Co. — No confirmed date or any other mention.
  • Banque Du Caire and another state-owned bank—20% could be on offer. EGX Chairman Mohamed Omran mentioned that the bank may be the first to IPO. CBE Governor Tarek Amer stated back in January that two unnamed state-owned banks would IPO this year.
  • Rooya Real Estate Investment Group — Pioneers Holding, which holds c. 60% of Rooya’s shares, said in March it expects to raise EGP 2 bn in the offering.
  • Hassan AllamSaid in late 2015 to be considering an offering next year, with EFG Hermes and CI Capital advising.

Drop us a note at editorial@enterprise.press if we’re missing anything above (or if we’ve gone astray on anything we’ve noted) and we’ll publish the updated tracker next week.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594). Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2016 Enterprise Ventures LLC.