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Monday, 3 January 2022

CorporateStack eyes IPO in the next couple of years

Dubai-based tech startup CorporateStack plans to list on the EGX sometime in 2023 or 2024, Egypt General Manager Ahmed El-Haddad told Enterprise. The software company hasn’t decided on an exact timeline for the IPO or how much of the company it will offer for sale, but is currently working with consultants to lay out the roadmap to go public in two to three years, El-Haddad said.

Why opt for the EGX instead of, say, the DFM or ADX? The company decided to go public on Egypt’s bourse because it has six Egyptian shareholders, El-Haddad told us. The shareholding structure was the main reason behind choosing the EGX rather than a UAE-based stock exchange, he said.

It’s uncommon, but not unheard of: Saudi tech firm Brmaja said last year that it is also looking to raise EGP 400 mn by listing 20% of its shares on the EGX this coming March, as part of its plan to go through a series of acquisitions that will make Egypt its central hub.

What is CorporateStack? The tech firm develops software for SMEs and larger businesses to manage operations including HR, customer services, and asset and project management. The company recently established a partnership with Vodafone Egypt to provide e-invoicing solutions to SMEs through Vodafone’s V-HUB platform. CorporateStack was founded in Dubai in 2016 and entered the Egyptian market in October 2020.

What’s next? The software company hopes to raise EGP 80 mn ahead of going public, Haddad said, with plans to increase their employee headcount in Cairo and move to bigger premises. CorporateStack plans to expand to Saudi Arabia soon, as well as North America, where it is planning an initial investment of USD 1 mn in partnership with a major existing company, Haddad said in a roundtable held by the company last Monday.

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