Ghazl El Mahalla FC could move ahead with its IPO in 2 months
Ghazl El Mahalla’s IPO could go to market in the next two months as the club finalizes procedures with the Financial Regulatory Authority (FRA) ahead of the sale, according to Prime Securities, which is quarterbacking the transaction, Al Mal reports.
The football club has priced its IPO at EGP 1 per share, and is looking to reel in EGP 135 mn from the offering, Prime Holding CEO Mohamed Maher told a presser yesterday.
(Not really a) Surprise: There’s nary an institutional investor in sight. The club expects to raise EGP 120 mn from retail traders, with just EGP 15 mn coming through a private placement, Maher said.
Background: Public Enterprises Minister Hisham Tawfik said earlier this year that the football club is looking to list around two-thirds of its shares on the EGX before the season finishes in October. Ghazl El Mahalla FC belongs to state-owned El Mahalla Spinning and Weaving Company.