Shares of Abraaj’s Cleopatra Hospital Company will open at EGP 9.00 as the company makes its debut on the EGX this morning, trading under the stock symbol CLHO.CA. The offering of 34 mn shares to international institutions was 6.7x oversubscribed, and the Egyptian retail offering of 6 mn shares more than 28x oversubscribed. The transaction, Egypt’s second IPO this year, met heavy appetite from international funds, says EFG Hermes Deputy Head of Investment Banking Mohamed Abou Samra. “Strong international appetite for the transaction is simultaneously an endorsement of Cleopatra’s strong growth prospects as well as of Egypt’s healthcare sector and the wider economy,” he said.

Selling shareholder Care Healthcare Limited will reinject the proceeds of the transaction to drive new growth at Cleopatra, which owns Nile Badrawi Hospital, Cairo Specialised Hospital and Al-Shorouk Hospital as well as namesake Cleopatra Hospital. Care is owned by subsidiaries of Abraaj NAH Limited (a fund of Dubai-based Abraaj Group), the European Bank for Reconstruction and Development, Germany’s DEG and France’s Proparco.

EFG Hermes Investment Banking was Sole Global Coordinator and Bookrunner for the offering. Freshfields Bruckhaus Deringer LLP was international counsel to the Issuer, while Zulficar & Partners were local counsel. Shearman & Sterling (London) LLP served as international counsel to the sole global coordinator and bookrunner, while Matouk Bassiouny was local counsel.