Redcon revives IPO plans
Redcon Construction is looking to make its EGX debut in 4Q2023 or 1Q2024, Vice Chairman Ahmed Abdallah told Enterprise, confirming a report by Hapi Journal. Redcon — the parent company to a group of 10 firms in several sectors including construction, real estate, aluminum, and facility management — had been eyeing an IPO in 2019, but has since gone quiet on the plan.
The details are scant so far: The exact stake and the timeline for the IPO will be determined by market conditions, Abdallah said. The size of the offering will depend on Redcon’s future expansion plans and the company’s view on how to finance that growth.
Keeping an eye on global inflation and market volatility: The company is monitoring the international economic situation and the repercussions of the US Federal Reserve’s upcoming interest rate hikes, Abdallah said. “We have to see stability in global markets, and see where global inflation stands. Once the market is ready, we will make our entry [to the bourse],” he told Enterprise.