IPO WATCH- Steel manufacturer AlGioshy Steel is planning to offer up to 25% of its shares in an IPO next year to finance planned expansions, CEO Tarek AlGioshy tells the local press. The company has hired an adviser, but AlGioshy did not disclose who. A top company executive had said earlier this year that the company was looking to sell as much as 40% of its shares in its debut on the EGX. According to the exec, AlGioshy’s expansion plans include adding a second EGP 300 mn production line at its steel rebar factory in Sixth of October.

Background: The company had said in January that it was looking to IPO up to 40% of its shares in a transaction timed for 4Q2019. It also said at the time that it was lining up some EGP 500 mn to invest in a second production line at its rebar plant.