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Wednesday, 25 December 2019

Emerald expects to raise EGP 203 mn in January IPO

IPO WATCH- Emerald expects to raise EGP 203 mn from upcoming IPO: Real estate investment firm Emerald is expecting to raise EGP 203 mn from the upcoming sale of 28% of its shares on the EGX, which is slated for the last week of January 2020, unnamed sources told the local press. The IPO will see the company selling up to 70 mn shares, with 95% of these earmarked for institutional investors. The fair value assessment, which was conducted by Professionals for Investment Banking, has set the share price at EGP 2.90 apiece. Lead manager and major shareholder Odin Investments reviewed the IPO prospectus with the Financial Regulatory Authority earlier this week and is hoping to receive the market regulator’s approval for the IPO before the year is out.

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