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Wednesday, 19 January 2022

Kuwaiti, Egyptian, Saudi institutions took part in Ghazl El Mahalla’s private placement

Who got in on Ghazl El Mahalla FC’s institutional offering? Misr Ins. Holding, Ghazl El Mahalla Spinning and Weaving, Kuwaiti and Egyptian investment institutions, two companies from Saudi Arabia, and “some high net-worth individuals” all received allocations in the EGP 37 mn institutional component of Ghazl El Mahalla’s upcoming IPO, Al Mal quotes the CEO of bookrunner Prime Holding, Mohamed Maher, as saying.

Misr Ins. bid for 40% of the institutional component, subscribing to EGP 15 mn worth of the shares on offer in the private placement, back in November. The institutional component wrapped at the end of December.

Ghazl El Mahalla will make its EGX debut next month, according to the Public Enterprises Ministry. The EGP 98 mn public offering to individual retail investors is still pending sign-off from the club’s general assembly, which is set to meet on Saturday.

Refresher: Ghazl El Mahalla is offering a 67.5% stake in its IPO, which is expected to raise EGP 135 mn, while While tiny, the transaction will mark the first time a football club is publicly traded in the Arab world and could pave the way for more IPOs of this sort. Football giant Al Ahly has also expressed interest in offering as much as 49% of the club.

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