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Monday, 3 September 2018

Bourse greenlights CIRA IPO

IPO WATCH- Bourse greenlights CIRA IPO: The EGX board signed off yesterday on plans by leading education provider Cairo Investment and Real Estate Development’s (CIRA) to go public. The company will be added to the bourse’s database as of 4 September. Sources had previously said that CIRA was kicking off its international roadshow this week and that the private-sector education outfit was eyeing eventual expansion into markets in the Gulf, Europe, and South Africa. CIRA announced last week plans to offer up a 37.48% stake on the EGX, with the transaction set to include both an international private placement and a retail offering here in Egypt.

Advisers: EFG Hermes is sole global coordinator and bookrunner for the transaction. Al Tamimi & Co. is acting as the issuer’s local counsel, while Zulficar & Partners is domestic counsel to the underwriter. White & Case is international counsel to the issuer, while Gide Loyrette Nouel is doing duty for the global coordinator and bookrunner. Inktank Communications is serving as investor relations advisor to CIRA.

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