Back to the complete issue
Thursday, 1 August 2019

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.