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Sunday, 22 April 2018

CI Capital IPO’s institutional offering 6.1x oversubscribed, share priced in at EGP 7.70, trading to begin on 30 April

IPO WATCH- CI Capital IPO’s institutional offering 6.1x oversubscribed, share priced in at EGP 7.70, trading to begin on 30 April: CI Capital announced yesterday (pdf) that it has successfully concluded the bookbuilding process for its initial public offering, which it is pricing at EGP 7.70 per share. The company — which is hoping to raise as much as USD 100 mn (EGP 1.8 bn) from the sale of c. 41.5% of its shares — said that the institutional offering to international investors was c.6.1x oversubscribed. The market capitalization of the group prior to the closed subscription was EGP 3.17 bn (USD 179.0 mn). CI Capital also set aside 22,563,728 shares to Egyptian retail investors and said that some selling shareholders have agreed to subscribe to 132,727,813 of newly-issued shares worth EGP 1 bn. The subscription period for the retail offering will close on Tuesday, 24 April. Shares are expected to begin trading on 30 April. The company had previously said that shareholders could re-inject as much as EGP 1 bn from the proceeds of the IPO into the firm through a follow-on capital increase.

Advisors: Jefferies International Limited and CI Capital Investment Banking are acting as joint global coordinators and bookrunners on the IPO. Norton Rose Fulbright was tapped as international counsel to the issuer, while White & Case is the underwriters’ counsel. Matouk Bassiouny will serve as local counsel; Pharos Securities Brokerage and HC Brokerage are acting as placements agents.

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