Misr Italia to IPO 20% of shares in Egypt bourse in Q1

Egypt-based property developer Misr Italia will launch 20 percent of its shares in initial public offerings on the country’s stock market in the first quarter of 2016, said the IPO adviser, Prime Holding on Monday.

Mohamed Maher – Vice Chairman and CEO of Prime – told Amwal Al Ghad that Misr Italia’s planned IPO would reach one billion Egyptian pounds (US$ 127.7 million).

Misr Italia operates in Egyptian real estate, touristic development and interior decoration market. The company was established in 1981, According to the company’s Website.

The IPO would help Misr Italia raise funds need for its future expansions.

The company has projects in different locations in Egypt like Red sea, South Sinai, and new cities in Cairo.