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Thursday, 11 February 2021

Ghazl El Mahalla planning a summer IPO?

Ghazl El Mahalla FC could move ahead with its IPO on the EGX around the summertime after closing in on an agreement with Prime Securities to manage the offering, Public Enterprises Minister Hisham Tawfik told Masrawy. The football club is looking to list around two-thirds of its shares and reel in EGP 100 mn from the offering — which Tawfik previously said will include EGP 75 mn raised in a public offering and EGP 25 mn in a private placement. The minister had previously said the football club was eyeing a 1Q2021 timeline for its EGX debut. Ghazl El Mahalla FC belongs to the state-owned El Mahalla Spinning and Weaving Company.

The Enterprise Realness Rating: Enterprise’s patented IPO tracker currently gives this listing a realness rating of 3, indicating that it is somewhat likely to go ahead.

A little further down the line, Misr Life Ins.’s IPO could be back on the table by the end of this year and was under consideration at a recent meeting of the government committee managing the state privatization committee, Tawfik told Masrawy. The company could debut 20-25% of its shares on the EGX as part of the state privatization program. The IPO was originally slated for 2018 before being postponed to give the company more time to reorganize ahead of the transaction. Chairman Basel El Hiny then said in 2019 that the IPO would go ahead by the end of 2020, but covid-19 pushed the timeline to 2021. This listing also gets an Enterprise Realness Rating of 3.

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