B Investments stock price jumps 10% in EGX debut
IPO WATCH- B Investments saw its share price rise 10% to EGP 11.82 in its EGX debut on Thursday. The company, which now trades under the BINV ticker, had completed its IPO to raise EGP 460 mn last week with the retail tranche having been 84.4x oversubscribed. Sigma Capital was the sole coordinator and bookrunner, while Zaki Hashem & Partners acted as legal counsel to the issuer.
In other B Investments news, the company’s board approved plans to raise its investment in SME finance subsidiary Ibtikar to EGP 150 mn from a current EGP 30 mn, the firm said in a bourse filing on Thursday (pdf). Founding partner Aladdin Saba had previously said that the company plans to up its investments in Ibtikar to EGP 500 mn as part of an EGP 1 bn investment plan by the company in 2018. As we noted last month, the firm plans to IPO Ibtikar sometime in the next three years.