E-Finance announces intention to IPO on Egypt bourse in Q4

Egypt’s leading fintech player, E-Finance announced on Sunday its intention to proceed with an initial public offering (IPO) and list its shares on the Egyptian stock exchange (EGX) in the fourth quarter of the year.

E-Finance added in a statement that it plans to offer up to 14.5 percent of its shares on the EGX in a sale that would see the company offering 258 million shares to investors, 177.8 million in a primary issue, and 80 million in a secondary sale.

Shares will be offered to both institutional investors and retail investors at the same price, E-Finance further said in the statement. However, the company did not disclose the number of shares that might be allocated to institutional players.

E-Finance said it is still waiting for regulatory approvals from the EGX and the Egyptian Financial Regulatory Authority (FRA).

The company has been seeking to launch an IPO since 2019, but had plans postponed due to the covid-19 pandemic impact and market uncertainty in the time.