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Tuesday, 24 May 2022

Ghazl El Mahalla could wrap its IPO in June

Ghazl El Mahalla football club’s public subscription notice (PSN) will be out in a few days, Mohamed Maher, head of bookrunner Prime Holding, confirmed to Enterprise. The EGP 98 mn public offering to retail investors has received approval from the Financial Regulatory Authority (FRA) for the offering, which Maher said will likely go forward in June after the regulator has signed off on the PSN.

Trading to begin late July or early August: The football club’s EGX debut is slated to follow a month after the public offering is complete, by late July or early August, Maher said.

BACKGROUND: The club managed to attract EGP 37 mn from institutional investors during the private placement component of the IPO back in November. While diminutive in IPO terms, the transaction would make Ghazl El Mahalla the first publicly traded Egyptian football club — and could pave the way for Al Ahly to follow suit.

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