Egypt’s largest electronic payment network Fawry prepares to IPO this year
Fawry, an Egyptian digital bill payments company, has started preparing for a share offering on the country’s stock exchange according to Mohammad Okasha, the Managing Director at Fawry. This will be first IPO by a private company on the Egyptian Exchange since Sarwa Capital in October last year.
“The general direction of the company’s current shareholders is offering on the Egyptian stock exchange and we have started preparing for this move,” said Mohammad Okasha.
He also explained that his company is planning the offering at the end of this year, or at the beginning of 2020. The management has yet to agree on the company’s valuation or the size of the offering. Currently, the management and employees hold around 8 percent of the company’s total shares.
Fawry was founded in 2009, on the backing of local and foreign investment banks. The company operates in the banking technology field, offering services to companies and individuals.
According to local newspaper Al-Borsa, Fawry has planned to list around 45 percent of its shares on the Egyptian stock market in the upcoming weeks in order to raise 2.5 billion Egyptian pounds (Dh550 milllion or $150.74 million). Al-Borsa also mentioned that EFG Hermes would manage the IPO and Zulficar & Partners would serve as legal counsel.