Cheesemaker Obourland has cleared the last regulatory hurdle to its initial public offering after receiving approval from the Egyptian Financial Supervisory Authority on its fair value report on Sunday, according to a regulatory filing yesterday (Arabic, pdf). Obourland is offering 80 mn shares (or about 40% of the company) at a maximum of EGP 9.68 per share. Seventy percent of shares on offer are earmarked for an institutional offering, while the balance will be part of an offering to domestic retail investors. The filing, which does not specify the expected first day of trading, says the subscription period for the public offering of shares on the EGX kick-off will tomorrow (Tuesday, 6 December) and run until Tuesday, 13 December. Book building on the institutional offering will close on Sunday, 11 December.

Al Borsa said last month that trading would commence on Thursday 15 December. CI Capital is global coordinator and bookrunner, Matouk Bassiouny is legal counsel to the issuer, while Norton Rose Fulbright is international counsel. Grant Thornton prepared the FV report. The EGX’s website has all the regulatory filings (including the IPO announcement, the FV report, EFSA’s approval, and the report of the company’s independent auditor.)