Dairy maker Domty seeks to raise $140mn by floating shares in Cairo bourse

Egypt’s dairy producer Domty have commenced steps of floating its shares on Cairo bourse with the aim of collecting 1.1 billion Egyptian pounds (US$140 million), according to the company’s chief executive.

CEO Omar Al Damaty told Mubasher that the initial public offering would be completed in weeks.

Domty started procedures of floating 122.5 million shares maximum, or 49% of capital; a total of 110.25 million shares will be offered in a private placement to institutions and 12.25 million will be floated in an initial public offering.

Mohamed Omran, Chairman of the Egyptian Exchange said earlier Domty’s IPO would be the first that the Egyptian bourse will witness in 2016.

Last December, Domty said it looks forward to float a stake of 25% to 30% on Cairo bourse by the end of the first quarter of 2016.