IPO WATCH- Fawry IPO preparations are underway, but no confirmation on date, size: Preparations for an initial public offering by e-payments platform Fawry are underway as shareholders are leaning towards a listing on the EGX, Fawry Managing Director Mohamed Okasha tells Arabic Reuters. That said, the size of the IPO and the amount of shares that will be on offer has yet to be decided, he noted, adding that a decision on conducting the fair value report have yet to be reached. Okasha reiterated previous statements the company is mulling a listing sometime in 2019 or 2020 to finance its expansion plans.

Okasha did not confirm or refute reports in the local press on Tuesday that IPO would take place before the Eid Al Adha break in mid-August. Reports we noted yesterday said claim that the company will offer 45% of its shares in the IPO and is expecting proceeds of between EGP 2 and 2.5 bn, which would value Fawry at EGP 4.5-5.5 bn. The reports also noted that FinCorp was hired to conduct a fair value study, while EFG Hermes was tapped to lead the transaction, while Zulficar & Partners is said to be on board as legal counsel. EFG Hermes did not comment on whether it was advising on the transaction when asked by Reuters.