IPO WATCH- CI Capital saw its share price rise 19% to EGP 9.16 in its EGX debut on Monday, Al Mal reported. The company, which now trades under the CICH ticker, had completed its IPO to raise EGP 1.7 bn this week. The institutional offering was c.6.1x oversubscribed, while the retail offering tranche was 29.45x oversubscribed.

Advisers: Norton Jeffries and CI Capital were joint global coordinators and bookrunners. Norton Rose Fulbright was international counsel to the issuer, while White & Case was counsel to the underwriters. Matouk Bassiouny was local counsel; Pharos Securities Brokerage and HC Brokerage acted as placements agents.

Shamel Aboul Fadl’s Compass Capital, alongside a group of other investors, exited a stake in CI Capital during the IPO, the firm said in a statement on Wednesday (pdf). Based on the listing price, the investment generated a 3x return to Compass in the year since acquisition. “Compass Capital, alongside a group of investors, identified and executed in March 2017 the acquisition of a stake in CI Capital from Commercial International Bank (CIB),” the statement noted. During Compass’ holding period, CI “created a robust NBFS platform” by acquiring an additional stake in Corplease (giving it an 87% holding) and snapping up 80% of microfinance player Reefy. “Strong investor appetite for CI Capital, both at home and from global investors, clearly underscores that appetite for opportunities in Egypt goes far beyond the carry trade and includes compelling equity stories,” said Aboul Fadl, the firm’s chairman and CEO, in the statement.

Compass has other transactions in the pipeline, possibly including an IPO, Aboul Fadl suggested in the statement. “This is a moment for which we have been prepared since we established the firm in 2010, and we look forward to capitalizing on this appetite in the coming month. We are now reviewing a number of compelling investment opportunities and are working toward another exit via the public market of one of our investments.”