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Sunday, 30 September 2018

Sarwa prices IPO at EGP 7.04-8.00 per share, trading to start on 15 October

IPO WATCH- Sarwa prices IPO at EGP 7.04 to EGP 8.00 per share, trading to start on 15 October: Consumer and structured finance player Sarwa Capital announced yesterday that it expects to price its initial public offering at EGP 7.04 to EGP 8.0 per share. Our friends at Sarwa are hoping to raise EGP 2.1-2.4 bn from the sale of c. 295 mn ordinary shares on the EGX, which make up 47.2% of the company, after receiving the green light from the FRA. Some 90% of the shares on offer are earmarked for global institutional investors in countries including the US, UK, South Africa and the Gulf. Another 29.5 mn shares have been set aside for retail investors, according to a company statement (pdf). The subscription period for the retail offering will run from 3-10 October, with the final share price set to be announced on 4 October, once the book building process is complete. Selling shareholders will use a portion of proceeds from the transaction to buy up EGP 700 mn’s worth of shares at the offer price in a closed subscription. Trading in Sarwa’s shares should start on 15 October.

Advisers: Beltone Investment Banking is acting as sole global coordinator and bookrunner for the transaction, and Matouk Bassiouny has been tapped as legal counsel.

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