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Wednesday, 17 July 2019

Egypt’s e-payments platform Fawry’s IPO roadshow to kick off Sunday

IPO WATCH- Fawry roadshow to kick off Sunday: EFG Hermes is kicking off a roadshow for local asset managers this Sunday for the upcoming Fawry IPO, a source close to the matter told the press. A roadshow for UAE and London-based investors is set to begin later in the week. Conference calls with other GCC, Europe, and South Africa-based investors will also be held.

IPO could go to market in early August: EFG could pull the trigger on the IPO, the size of which remains undisclosed, at the beginning of next month, the source said. Fawry’s debut share price will be determined from the get-go, rather than through a book building process, according to the source.

Background: We picked up reports last week suggesting that the e-payments platform could sell 45% of its shares in its EGX debut mid-next month. The offering could attract proceeds between EGP 2 and 2.5 bn, potentially making it the largest Egypt has seen since Emaar Misr in 2015.

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