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Sunday, 17 December 2017

Al Tawfeek Leasing to IPO 24% of the company

IPO WATCH- Al Tawfeek Leasing Co. (AT Lease) announced that it plans to IPO 24% of the company (19.2 mn shares) and has established a fair value of EGP 6.93 per share. 75% of the shares on offer will be sold through an institutional offering, with the rest earmarked for retail investors. Book-building and subscriptions to the IPO will begin on Tuesday, 19 December, and will continue until Sunday, 24 December. The company announced this morning (pdf) that it will be backing the share price for a period of one month after trading begins through a stabilization fund. AT Least will use the proceeds to diversify its financing base and mitigate risks, said CEO Tarek Fahmy. He had said back in September that the Al Tawfeek is looking to offer EGP 500 mn in funding for companies in the pharma, education, automotive, and real estate sectors. Pharos Holding is the sole bookrunner and coordinator for the IPO.

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