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Sunday, 20 February 2022

A spring debut on the EGX planned for Ghazl El Mahalla

Ghazl El Mahalla FC will debut on the EGX at the beginning of April, Bloomberg Asharq quotes Mohamed Maher, head of bookrunner Prime Holding, as saying. The IPO prospectus will be released “within days” and the subscription period will run from the end of February until mid-March, Maher said.

Refresher: Ghazl El Mahalla is offering a 67.5% stake in its IPO, Maher said. The sale is expected to raise EGP 135 mn, after attracting EGP 37 mn from institutional investors during the private placement. The transaction will mark the first time a football club is taken public in the Arab world and could pave the way for more IPOs of this sort. Football giant Al Ahly has also expressed interest in offering as much as 49% of the club.

GV Group is looking to restructure the company and its subsidiaries ahead of a planned IPO, Al Mal quotes Chairman Sherif Hamouda as saying. The company’s activities include industrial and real estate development, green investments, and specialized contracting. GV has met with unnamed financial institutions to look at the timeline and structure of the planned IPO, Hamouda reportedly said. No details on the expected size of the stake sale or how much the company expects to raise were provided.

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