Egyptian payments platform Fawry’s retail component 32.5% subscribed on third day
IPO WATCH- Fawry’s retail offering 32.5% subscribed o day three: The retail component of Fawry’s ongoing IPO was 32.5% subscribed at the close of yesterday’s trading session, according to a local press report. Retail investors requested some 11 mn shares from a total of 35 mn up for grabs. The e-payments platform received yesterday nearly three times as many subscriptions as it did on the first two days of the retail offering combined. The offering is set to wrap up next Monday. The private placement, meanwhile, began on Friday and wraps up later today, the company said on Friday.
Background: Fawry’s IPO will be Egypt’s first since last October, testing the waters of an anemic IPO market that has seen no action since Sarwa Capital went public last year. The IPO could set the tone for the market ahead of other planned offerings, including those in the state privatization program. The e-payments platform’s shares will debut on the EGX at EGP 6.46 apiece on Thursday, 8 August.