London Stock Exchange formally welcomed Thursday Egypt’s Edita Food Industries to its markets, to become the first Egyptian firm listed in UK bourse since 2012.
The Cairo-based group, a leader in Egypt’s burgeoning packaged snack foods market, raised $275 million by simultaneously issuing Global Depository Receipts (GDRs) in London and ordinary shares on the Egyptian Exchange (EGX). The institutional offer was 13.4 times oversubscribed and Edita’s market capitalisation on listing is $891 million.
Edita is the first Egyptian company to complete a simultaneous dual listing and the first Egyptian consumer products company to list in London. Edita is also the first Egyptian company to list in London since 2012 and the first to raise equity capital in London since 2008.
In this respect, Ibukun Adebayo, Head of Primary Markets, Middle East & Africa, London Stock Exchange Group said: “As a London-listed company, Edita will gain access to the world’s most international market as well as an unrivalled source of deep liquidity and new investors. Its listing underlines London’s unmatched ability to finance the development of ambitious, growth-focussed companies from Egypt and the wider MENA region.”
In addition to Edita there are a further ten Egyptian Companies on London’s markets with a combined market capitalisation of over $23 billion. There are a total of 120 African companies on London Stock Exchange markets, with a combined market value of £265 billion.