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Sunday, 2 April 2017

IPO Watch: Misr Italia, MM Group

IPO Watch: Real estate developer Misr Italia Group is looking to list 20-25% of its shares in an IPO sometime in May, co-CEO Mohamed El Assal told Bloomberg on Saturday. The company is hoping to raise EGP 1.5 bn from the sale and will use the proceeds to complete some ongoing projects as well as new ones, with an eye towards co-development projects, he added. Beltone Financial has been tapped to manage the IPO and a roadshow in the GCC has is slated for later this month.

This comes as brokers start taking orders today for the retail component of MM Group’s IPO. MM Group is listing 30% of its shares on the EGX, with 25.5% of the company being offered to institutional investors at a maximum price of EGP 6.06. The final pricing of the offering will be announced on Tuesday, 4 April and the subscription period will close on Thursday, 6 April. As we’ve noted previously, Beltone Financial is managing the offering, Zaki Hashem & Partners are local counsel, and BDO is acting as the independent legal advisor.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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