The offering of E-finance (EFIH) is considered to be the biggest since 2015, with a value of EGP 5.8 billion, exceeding the offering of Telecom Egypt (ETEL)of EGP 5.1 billion.
Who is affected E-Finance’s EGX debut certainly didn’t disappoint. The rest of the market, not so much. Egypt’s first fintech company’s stock closed 50% in the green, reaching an intraday high of 78%.
Why is this important In an EGX press release, Dr. Mohamed Farid said that listing of E-Finance is an important step that will encourage other government & private companies to offer stakes on the EGX. He stressed that IPOs contribute to business development as well as economic growth. E-finance CEO Ibrahim Sarhan added that “E-finance seeks to achieve greater synergy & integration between its subsidiaries, & enhance its direct presence in all corners of the digital payment system in Egypt.”
