E-Finance for digital & financial investments announced the price range for the company’s offering of its shares on the EGX, ranging between EGP 12.50 & EGP 13.98 per share. This indicative price range gives the company a valuation between EGP 22.2 billion & EGP 24.8 billion. The company plans to offer 257,777,778 ordinary shares, equivalent to 14.5% of the company’s share capital.
Who is affected🤷: The final price of the offering will be announced on October 9th, 2021, depending on the progress of the subscription registration process. The door for receiving subscription requests for retail investors is “expected to run” from October 6, 2021, until October 13th, 2021, with trading on the company’s shares to begin “on or around” 18th October 2021.
Why is this important🤔: E-Finance is the Egyptian government’s FinTech arm, & covers the full spectrum of digital payment services, positioning it as a unique player on payment digitization. E-Finance executed EGP 2.1 trillion in total transactions & recorded EGP 1.2 billion in revenues during 2020, recording a compound annual growth rate of 30% between 2018 and 2020. Approximately 69% of E-Finance’s IPO will consist of a primary issuance of new shares, meaning that the proceeds will be used to finance the planned operational expansions as part of the company’s growth strategy.
