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Sunday, 10 October 2021

Retail subscription period for e-Finance’s IPO kicks off

The subscription period for the retail offering of 1.61% of e-finance (25.78 mn shares) will begin today and run until the close of the trading session on Sunday, 17 October, according to its public subscription notice (PSN). e-Finance is expected to announce on Tuesday, 12 October how it will price the offering. At the EGP 12.50-13.98 range outlined in its price range release, the IPO (one of the largest the country has seen in recent years) could be worth as much as EGP 3.6 bn and value e-Finance — a state-owned fintech platform and payments infrastructure company — at up to EGP 22.37 bn. The IPO will see 14.5% of the company offered to domestic and international investors. You can learn more about the transaction here, check out the PSN here (pdf) or visit the transaction microsite here.

State privatization program (finally) gets into swing: e-finance is expected to be the first among five state-owned companies preparing to list on the Egyptian bourse, which according to Public Enterprise Minister Hisham Tawfik should make their debuts by the end of the fiscal year in June 2022.

Other private-sector companies readying themselves to go public on the EGX will be watching e-finance’s IPO closely. Ebtikar has said it could make its debut this quarter while Macro Group, which postponed its IPO in April, is also waiting in the wings. EGX boss Mohamed Farid had originally expected 5-6 IPOs this year, after delays in 2020 thanks to the pandemic.

Advisors: Renaissance Capital, CI Capital and Al Ahly Pharos are quarterbacking the transaction as co-lead managers. NI Capital is acting as the IPO advisor for the listing. Zaki Hashem & Partners has been appointed as counsel to e-Finance, while Norton Rose Fulbright is acting as US counsel to the co-lead managers. Inktank is the investor relations advisor.

CORRECTION- We goofed on last Wednesday’s EnterprisePM when we stated that the subscription period would end on Wednesday, 13 October.

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