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Tuesday, 26 April 2022

Abu Auf pushes IPO plans to 2H 2022 on war worries

Healthy food brand Abu Auf’s parent company AUF is pushing its planned EGX debut to the second half of 2022, CEO Ahmed Auf told Enterprise. The company had initially planned to IPO on the exchange during the second quarter, but fallout in emerging markets from the war in Ukraine has caused the company to delay the sale, he said. “Choosing the right time is extremely important,” Auf told us, adding that the company will wait until conditions improve before pulling the trigger on the listing.

Background: The company announced last year its plans to offer up to 49% of its shares on the EGX. It expects the sale to raise some EGP 2.5 bn, Bloomberg Asharq reported last week. EFG Hermes is quarterbacking the transaction.

AUF has been getting investor attention as of late: Abu Dhabi wealth fund ADQ subsidiary Agthia, which last year acquired Ismailia Agricultural and Industrial Investments, is said to be in talks with Abu Auf’s parent company AUF on a potential stake sale, according to local media reports on which Abu Auf has declined to comment. The reports say the potential transaction is connected with AUF’s EGX listing plans.

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