Egyptian e-payments platform Fawry’s private placement more than 6x oversubscribed
IPO WATCH- Fawry private placement more than 6x oversubscribed: The private placement portion of e-payments platform Fawry’s initial public offering, which closed yesterday, was c.6.5x oversubscribed, sources close to the matter told the local press. The private placement constitutes 10% of the offering, which will see Fawry sell 36% of its shares. The retail component of the offering is now 55.1% covered, with investors requesting 19.5 mn shares from a total of 35 mn up for grabs. The offering is set to wrap up on Monday.
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 company’s shares will debut on the EGX on Thursday, 8 August.