CI Capital says arranging Four IPOs worth $600mn on Egypt Bourse

Egypt’s investment bank CI Capital is arranging four initial public offerings (IPOs) in the country’s bourse at a total value of more than US$600 million, deputy CEO Hazem Badran told Reuters.

Most of the share offerings will be carried out in 2015, the official said, adding that his company is also working on the launch of two investment funds.

Egypt’s stock market has seen a few IPOs over the past years, as the last share floatation was carried out by Arabian Cement in May, 2014, since the IPOs of Juhayna and Amer Group in 2010.

Meanwhile, Egypt’s financial institution Beltone, which has EGP30 billion worth of assets under management, had stated last year it would launch four IPOs in Egypt during 2015 at overall value exceeding EGP 2 billion.

Investment bank EFG-Hermes also said in May it was in the process of listing and floating shares in five major companies within one year.

Furthermore, companies like Emaar Misr, Arabtec Egypt, Etisalat Misr, Egyptian Steel and Domty had stated earlier they would list portion of their equities on Egypt’s bourse. Other companies, including Carbon Holding, Dar Al Fouad, Supreme Holding, Fawry, Trafco and Manazel Holding were considering the right timing and method for share floatation.