Cairo-Mubasher: Beltone Capital is intending to float a 35-40% stake in an initial public offering (IPO) on the Egyptian Exchange (EGX), said Chairman Hazem Barakat.

Speaking to Mubasher on the sidelines of a press conference held on Monday, the top official added that the share offering will be launched during the second half of this year and is aimed at raising capital by around $130-150 million.

EGX Chairman Mohamed Omran had stated earlier that four major IPOs would be seen during 2015.

Reuters said on Monday that Emaar Misr would offer a portion of its share capital on EGX during the second quarter of 2015, at a value exceeding EGP 2 billion ($270 million).

The IPO activity has been revived last year after a halt for several years. Five companies floated stakes worth EGP 856 million, topped by Arabian Cement whose IPO was subscribed by 18.5 times, then Misr Steel-Ataqa whose share offering was covered by 5 times.

Beltone’s chairman said that Citibank and Beltone Financial would be the financial advisors for the IPO, adding that the share fair price is being defined to set the final stake to be offered.

Beltone Capital is capitalized at EGP 584 million. It is 33% owned by Barakat, while the remaining equity is held by Arab and foreign investors.