Egypt’s Fawry unveils IPO but no details of price, size, timing

Egyptian digital bill payments company Fawry has selected EFG Hermes to lead its public offering, but no details of pricing, deal size or timing were announced yet, its managing director said on Wednesday.

“No details of pricing, timing, or deal size were agreed or announced yet,” Mohamed Okasha told Amwal Al Ghad, denying reports that said the company would sell 45 percent of its shares this year or early 2020.

Local newspaper Al-Borsa reported on Wednesday, citing unnamed sources, that Fawry plans to list 45 percent of its shares on Egypt’s stock market in the coming weeks to raise about 2.5 billion Egyptian pounds ($150.74 million).

Meanwhile, Reuters reported earlier the day that Fawry was planning the share offering for this year or early 2020.

Founded in 2008, Fawry is currently owned by local and foreign investment banks, including the Egyptian-American Enterprise Fund (EAEF) (20 percent), Helios Investment Partners (Helios) (40 percent), the MENA Long-Term Value Fund (MENA LTV) (25 percent), and the International Finance Corporation (IFC) (5 percent).  It also operates in the banking technology field and provides services to individuals and companies. Management and employees hold around 8 percent of its shares.