Health provider Cleopatra’s Egypt IPO 28.6 times oversubscribed

The initial public share offer of Cleopatra Holding, the healthcare arm of the Emirati Abraaj Group, was 28.6 times oversubscribed, the Egyptian stock exchange announced in a statement on Monday.

The demands for the offer reached 171.557 million shares.

In April 2016, Cleopatra received permission to list its shares on the Egyptian bourse under the symbol CLHO.CA, with capital worth with 80 million Egyptian pounds ($9 million).

Egypt’s leading investment bank, EFG-Hermes, runs Cleopatra’s IPO.

The company traces its roots back to 1976 and consists of four hospitals: Cleopatra Hospital, Cairo Specialised Hospital, Nile Badrawi Hospital, and Al-Shorouk Hospital in greater Cairo.