The institutional subscription for Ghazl El Mahalla’s micro-IPO will be completed by the end of the week, the Public Enterprises Ministry said in a statement (pdf). Bookrunner Prime Holding is expected to finish the placement of at least EGP 37 mn worth of shares with institutional investors this week, while the prospectus for the EGP 98 mn public offering is currently being drawn up.

We’re still waiting on the timeline for the retail subscription: The ministry has said it wants to complete the IPO, which will see Ghazl El Mahalla list at least two-thirds of its shares on the EGX and raise EGP 135 mn, before 2022 rolls around. The company expects to hit a market cap of EGP 200 mn by the time it lists on the bourse.

This marks the Arab world’s first football club IPO, Bloomberg reported, which sets the foundation for other clubs to follow suit. Football giant Al Ahly has already expressed interest in listing as much as 49% of the club.

Recent IPOs have breathed new life into the state privatization program: e-Finance’s success on the EGX has stirred a series of planned listings for state-owned companies, with the latest being Abu Qir’s sale of an additional 10% of its shares earlier this month, which saw it raise EGP 2.25 bn. Four more state-owned companies could hit the bourse before the end of the current fiscal year in June, Public Enterprises Minister Hisham Tawfik said previously.