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Tuesday, 25 September 2018

Good retail appetite for CIRA IPO heading into last day of subscription period

**#5 IPO WATCH- Retail component of CIRA offering is c. 4.5x oversubscribed: Appetite for leading private sector education outfit CIRA’s IPO is strong heading into the final day of subscriptions for tranche on offer to local retail investors, with Al Mal reporting the retail component of the offering is 4.5x oversubscribed. The subscription period for the 14.5 mn shares on offer to domestic individual investors ends today. The institutional component of the IPO was 10.36x oversubscribed amid high international demand. CIRA is offering some 207 mn shares (c. 38% of the company) and had priced its IPO at EGP 6.00 per share, above the midpoint of the EGP 5.45 to EGP 6.30 per share range on which it had previously guided. Trading on the company’s shares is due to begin on 1 October.

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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