Back to the complete issue
Thursday, 4 October 2018

Sarwa institutional offering 10.38x oversubscribed, final share price set at EGP 7.36

IPO WATCH- Sarwa institutional offering more than 10x oversubscribed, priced at EGP 7.36: Consumer and structured finance player Sarwa Capital announced yesterday that it has successfully completed the book-building process for its initial public offering, which has been priced in at EGP 7.36 per share, according to a company statement (pdf). The company had originally guided on a range of EGP 7.04 to EGP 8.00 per share. The institutional offering was 10.38x oversubscribed, with strong demand “coming from over 280 institutional and HNW investors.” Subscription for the retail offering, which opened yesterday, will close on 10 October, with trading on Sarwa’s shares set to kick off on 15 October under the ticker SRWA.CA. The company’s post-money market cap will stand at EGP 5.3 bn.

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

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.