Egypt to sell 10-15% stake in e-Finance in 4Q2019 IPO
IPO WATCH- Gov’t to offer 10-15% stake in e-Finance in 4Q2019: The government is planning to sell 10-15% of its financial technology company e-Finance in an IPO during 4Q2019 as part of the second wave of the state privatization program, sources close to the matter tell the local press. The IPO will take place through a capital increase as no shareholders are presently looking to exit or sell down their stakes. NI Capital, the state-owned investment bank managing the Sisi administration’s IPO program, had invited several local investment banks last month to bid on quarterbacking the transaction.
Reminder on where we stand with the privatization program: Companies selected to IPO under the second wave of the program could begin listing as early as September, Public Enterprises Minister Hisham Tawfik said earlier this month. It is widely believed that Enppi will be the first company to go public. All timings remain contingent on market conditions.