November 24, 2021

Ebtikar postpones IPO to 1Q 2022


Abu Qir Fertilizer sets deadline for IPO before 2021-end

Ebtikar for electronic payments has postponed its planned Egyptian Exchange (EGX) debut to the first quarter (1Q) of 2022, sources told Daily News Egypt on Tuesday.

Meanwhile, Abu Qir Fertilizer Company set the deadline for its IPO before the end of 2021, with the size of offering expected to exceed 10% of the company’s shares, according to sources.

During the current year, the EGX witnessed several offerings, including the Taaleem Management Services, the Integrated Diagnostics Holdings, and Emerald Development Group with a coverage rate of 26.3 times.

Recently, e-finance launched its EGX debut, achieving huge coverage rates of more than 61 times.

The government’s IPO programme was initially scheduled for 2018. After about 31 months, the government resumed the programme with the e-finance IPO.

The EGX has suffered stagnation since last year, despite optimistic expectations, as many IPO plans faced successive delays, most notably the offering of Banque du Caire, TAQA Arabia, Ebtikar, Ghazl El-Mahalla Club, and Macro Pharmaceuticals.

More offerings are expected in 2022, including the National Company for Bottling of Natural Water (Safi), the National Petroleum Company, and the Administrative Capital for Urban Development.

dailynewsegypt


Categories : finance & economy

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