IPO WATCH- E-finance is going to IPO, and NI Capital is asking investment banks to pitch for the mandate: NI Capital, the state-owned investment bank that is shepherding the Sisi administration’s IPO program, has invited several local investment banks to bid to quarterback the upcoming stake sale of fintech company e-finance as part of the second wave of the state privatization program, unidentified sources close to the matter tell Al Mal.

Rehabilitation: Beltone Financial, which settled earlier this year with the Financial Regulatory Authority after being suspended in the wake of an IPO last fall, is one of the banks that got the call, the newspaper claims. Beltone is planning to bid as part of a consortium, Al Mal added.

Background: Public Enterprises Minister Hisham Tawfik confirmed in April that e-finance would be part of the second wave of the program, which is set to begin as early as September. Tawfik told us in March that the second wave of privatizations is expected to only involve new listings, and companies in the industrial, mining, and E&P sectors will be prioritized. One company will IPO each month, he said.