ICEC

IPO fundraising in Egypt hits 4 bln pounds in 2017: official

The total value of initial public offerings on Egypt’s stock market reached 4 billion Egyptian pounds ($226 million) during 2017, achieved through offering six companies, chairman Mohamed Farid said Tuesday.

The IPOs growth has been achieved through a number of procedures taken to include facilitating the listing regulations and continuously communicating with various categories of companies, Farid added during a conference in Cairo.

The Egyptian bourse management seeks to increase the number of the IPOs during the upcoming years through expanding the database of the companies or through targeted roadshow activities, he added.

Egypt’s economic reform and the latest procedures have paved the way to supporting all the sectors reform during the current year.

He added that the Egyptian bourse was one of the main sectors that has been positively affected by the structural reforms reflected in the growth of foreign traders’ transaction to record 13 billion pounds since the flotation of the country’s currency in early November 2016.

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