IPO Watch- Raya Contact Center (RCC)’s listing of c. 49% of its outstanding shares got the royal treatment from Al Borsa yesterday. The retail component of the offer will open for subscriptions on Tuesday, 11 April (not 9 April, as previously expected, said Hilal El Hasry, partner at Zaki Hashem and Partners, local counsel to the issuer. He added that the order book should close on 18 April, at which time the transaction will be priced.

Meanwhile, the Egyptian Financial Supervisory Authority (EFSA) issued a notice on the fair value report of RCC, noting that its finding of a fair value of about EGP 17.91 per share is significantly higher than RCC parent company Raya’s share price of EGP 12. EFSA noted that RCC’s business, namely 75% of its revenues in USD, leaves it vulnerable to FX fluctuations, which does not justify the FV report’s assessment. A drop of 10% in the exchange rate would see the share lose 18% of their value assuming a rate of EGP 18 to the USD 1. Grant Thornton has written the FVR. As we noted last week, EFG Hermes is sole global coordinator and bookrunner for the IPO. Dechert LLP is international counsel to the issuer, while Matouk Bassiouny is local counsel to the sole global coordinator and bookrunner.