EGX witnesses 4 offerings in 2018 with an amount of EGP5.2bln
The Egyptian Exchange witnessed four initial public offerings (IPOs) during 2018 with an amount of 5.2 billion Egyptian Pounds, marking an increase of 25 percent compared to 2017.
EGX annual bulletin revealed that the private offerings hit LE 4.68 billion, compared to LE 3.39 billion in previous year.
Moreover, the public offerings recorded 0.53 billion in 2018, compared to LE 0.57 billion in 2017.
The bulletin read that foreign investors allocated 60 percent of the IPOs in 2018, compared to 56 percent in 2017, adding that Egyptian investors accounted for 40 percent.
In addition, foreign investors acquired private offerings during 2018, recording LE 3.07 billion compared to LE 2.16 billion, with an increase of 42.16 percent.
Regarding public offering, foreign investors acquired LE 0.04 billion compared to Le 0.05 billion last year, with a decrease of 14.38 percent.
On another note, the bulletin showed that foreign Investors were net buyers during 2018 at LE 5.78 billion, compared to LE 9.55 billion in prior year. They accounted for 36 percent of total transactions in the Egyptian market in 2018, while Egyptian investors accounted for 64 percent of total transactions.
The benchmark EGX30 declined 13.21 percent, or 1,983.37 points, to end the year at levels of 13,035.77 points, compared to 15,019.14 at the end of 2017. Unlike 2018, EGX30 rose during 2017 by 21.66 percent, or 2,674.25 points, reaching 15,019 points.
Market Capitalization of EGX lost LE 75.2 billion during 2018, recording LE 749.7 billion by the end of the year, compared to LE 824.91 billion at its beginning.