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Thursday, 30 March 2017

Raya Contact Center issues ITF

IPO WATCH- Raya Contact Center (RCC) announced its intention to float (pdf) on the EGX. The company is just under 49 mn shares equivalent to about 49% of outstanding shares. The transaction will include international offer to institutional investors and an Egyptian retail offer. Raya Holding for Financial Investments, the selling shareholder, will effectively reinject EGP 100 mn of the proceeds from the IPO back into RCC to fund growth. “RCC is a leading provider of business process outsourcing, serving multiple clients in Europe and the Middle East with 77% of revenues generated is denominated in foreign currency, predominantly in USD,” the ITF reads. 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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