Back to the complete issue
Wednesday, 29 September 2021

Abu Auf could debut on EGX with 49% stake sale in 2Q2022

Healthy food brand Abu Auf’s parent company AUF plans to make its EGX debut in 2Q2022, the company said in a statement (pdf) yesterday. AUF has appointed EFG Hermes to quarterback the transaction.

The company could offer up to 49% of its shares on the EGX, Mohamed Mahgoub, managing partner at private equity firm TCV, which holds a significant minority stake in AUF, told us. AUF plans to use the proceeds to finance regional growth, Mahgoub said.

Abu Auf in Egypt: The company currently has 180 branches in Egypt and more than 1k warehouses, distributed among 10 governorates. The company has recently expanded into coffee, saying it has opened a production facility to serve both domestic and export demand.

Abu Auf abroad: The company has been exporting its products to major global markets including England, Belgium, Germany and the Netherlands. It has also been exporting to Saudi Arabia, Kuwait and the UAE, as well as Libya and Palestine.

IN THE MARKET NOW- Meanwhile, IPO watchers are keeping a close eye on the IPO of state-owned fintech platform and payments infrastructure player e-Finance, which is in the market now.

The EGX is trying to get more companies to list on the bourse, recently amending listing rules to make it easier for larger firms to go public in Egypt. Companies no longer need to offer a 25% stake and can instead sell shares equal to the 1% of the exchange’s freefloat market cap.

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.