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.