IPO WATCH- Hassan Allam could IPO by 4Q2018, debunks news on size of offering and valuation: Hassan Allam Holding, one of the region’s leading contractors, has yet to decide on the size of the an initial public offering of its shares, a senior company executive told Enterprise yesterday, saying figures published by Al Mal on Monday were inaccurate. The company’s valuation is significantly higher than that implied by Al Mal, the exec said, and the percentage of shares on offer is yet to be determined, but will be lower than that which the newspaper suggested. Sources had told the newspaper that Hassan Allam should receive the Financial Regulatory Authority’s preliminary sign-off on the transaction within weeks, hinting that major shareholders would be relinquishing some of their holdings in the company and that a capital increase was also in the offing.

Background: Hassan Allam had declined to comment on news of a potential IPO back in May. We had reported at the time that the company tapped EFG Hermes and Renaissance Capital as joint global coordinators and bookrunners and Arqaam Capital as bookrunner. Grant Thornton has reportedly been hired as independent financial advisor, while Cairo-based law firm Matouk Bassiouny is said to have been appointed local counsel to the issuer.