The Clap State-owned FinTech company E-Finance is likely to offer a stake on the Egyptian Exchange (EGX) as early as next month, government sources told Al Borsa Newspaper.
Who is affected🤷 The proposed share to be offered on the EGX is around 10% of E-Finance’s capital. The EGX listing committee will hold a meeting this month to review E-Finance’s valuation and the percentage of shares to be offered.
Why is this important🤔 This is an IPO that’s been almost two years in the making.
E-Finance first expressed its intention to IPO in Q1-2020 but has since postponed three different potential IPO dates. Several state-run banks have expressed interest in acquiring shares of the company when it lists on the EGX.
In Other IPO News🖋️ Macro Group Pharmaceuticals are set to resume the procedures of listing on the EGX by the end of 2021 or early 2022.
Company chairman Ahmed El Nayeb noted that Macro’s valuation is expected to increase in the coming period, which is why its IPO in April 2021 was postponed.