Egyptian digital payment firm Fawry sets IPO price at $0.3906

SOURCE: Reuters - Egyptian digital payment firm Fawry sets IPO price at $0.3906

CAIRO (Reuters) - Egyptian digital payment company Fawry has set the price for its initial public offering (IPO) at 6.46 Egyptian pounds ($0.3906), it said on Friday.

The company said it is planning to offer 254.6 million ordinary shares, representing 36% of its share capital, on the Egyptian stock market.

Investment bank EFG Hermes, which is managing the listing, announced the listing plan on Sunday but gave no indication of the expected offer price.

EFG Hermes said the offering will include a private placement for institutional investors and an IPO for retail investors in Egypt at the same price.

Fawry’s managing director told Reuters this month that the company had begun preparing for the listing on the Egyptian Exchange and that the process would be carried out in 2019 or early 2020.

Owned by local and foreign investment banks, Fawry was founded in 2009. About 8% of its shares are held by management and employees.

Fawry’s network processed 600.1 million transactions last year with a total value of 34.2 billion Egyptian pounds ($2.1 billion), EFG Hermes said in its statement.

The company made core profit of 152 million pounds in 2018, up 41.2% on the previous year.

The last IPO by a private company on the Egyptian Exchange was that of consumer finance business Sarwa Capital last October.