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Source:
الوطن
Cairo IPO Shows Strength
Financial Regulatory Authority Chairman Islam Azzam said strong demand for Cairo Bank’s offering reflects the market’s strength and its capacity to absorb new offerings. The offering covered 45% of the bank’s capital, at a value of nearly EGP 36 billion and a price of EGP 5.30 per share, putting the bank’s market value at EGP 80.8 billion. The private-placement tranche was covered six times, while the public-offering tranche was covered around 27 times. The listing is expected to add nearly 2% to the market capitalization of companies listed on the Egyptian Exchange. Azzam said the Authority had reviewed the fair value, financial statements and disclosures, and approved the offering prospectus. It will verify that the final listing requirements have been met before trading begins.
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