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Wednesday, 9 February 2022

EGX executes Macro IPO

The EGX has executed the sale of shares to investors who subscribed to Macro Group’s IPO, which saw it offer a 45.8% stake to institutional and retail investors over the past week, the bourse said yesterday. Macro raised EGP 1.3 bn in the IPO, which saw it sell 264.5 mn shares at EGP 4.85 apiece, valuing the company at around EGP 2.8 bn. The institutional offering — which was allocated 95% of the shares — was 1.8x oversubscribed, while the retail component saw stronger demand, closing on Monday 102x oversubscribed.

Shares will start trading Thursday (that’s tomorrow) under the ticker MCRO.CA at EGP 4.85 each, the EGX confirmed.

Advisors: Our friends at EFG Hermes are quarterbacking the transaction as sole global coordinator. EFG Hermes and Renaissance Capital are acting as joint bookrunners, while White & Case is counsel to the issuer. Dechert and Zaki Hashem & Partners are counsel to the joint bookrunners, while PwC has been appointed external auditor. Inktank is investor relations advisor.

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