Emerald Real Estate Investment to receive approval for IPO by the end of year
IPO WATCH- Emerald wants regulator’s sign off on potential IPO by the end of the year: Real estate investment firm Emerald hopes to win approval within two weeks from the Financial Regulatory Authority to go ahead with its initial public offering on the EGX, CEO of the Egyptians Real Estate Fund Hashem El Sayed said, according to the local press. The timing and share value will be disclosed after the FRA signs off on the IPO, he added. Emerald’s major shareholder Odin Investments will lead the transaction while Professionals for Investment Banking are on board to provide the IFA report.
Background: Odin Investments (which holds a 16% indirect stake in the company) announced plans to offer an undisclosed stake on the EGX last month. It said that a fair value report had been submitted but offered no other details on the expected size or timing of the listing.
Correction (15/12/2019): A previous version of this article incorrectly stated that Emerald had appointed Professionals for Investment Banking to quarterback the listing.