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Sunday, 30 September 2018

EGX confirms trading on CIRA to begin on 1 October

IPO WATCH- EGX confirms CIRA shares to start trading on 1 October: The first day of trading on shares of private sector education outfit CIRA’s IPO will be Monday, 1 October, according to a bulletin by the EGX on Thursday. Appetite for the company’s shares was strong, with the retail tranche having been 18.9x oversubscribed, while the institutional offering was 10.4x oversubscribed.

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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