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Tuesday, 18 April 2017

Raya Contact Center institutional offering 4.0x oversubscribed

Raya Contact Center’s international offering to institutional investors was c.4.0x oversubscribed, the company said in a statement (pdf) announcing that RCC is pricing its IPO at EGP 16.50 per share. The company had originally guided on EGP 16.00-17.91 per share. That makes the IPO worth about EGP 808 mn and will give Raya Contact Center a market cap of EGP 1.65 bn before Raya Holding for Financial Investments, RCC’s parent company, subscribes to some EGP 100 mn worth of shares in a closed offering, effectively injecting a bit more than 12% of the IPO’s gross proceeds back into RCC. RCC offered a bit over 44 mn shares to international institutional investors, while about 4.9 mn shares are being offered to Egyptian retail investors.

The subscription period for the Egyptian retail offering ends on Thursday, 20 April. EFG Hermes is sole global coordinator and bookrunner for the IPO. Dechert LLP is international counsel to the issuer, Zaki Hashem and Partners is local counsel to the issuer, Matouk Bassiouny is local counsel to the sole global coordinator and bookrunner.

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