Egyptian snack maker Edita Food Industries said that the public tranche for its initial public offering (IPO) has been covered 4.5 times through requesting 27.88 million shares.

Edita floated 108.8 million shares, with the final offering price on the Egyptian Exchange (EGX) set at EGP 18.5 per share, along with $12.28 per global depository receipt (GDR).

The book-building process started 15 March, with the final price to be set on 29 March, before the end of the public offering on 31 March.

The book building was divided into two tranches. The first tranche – issued to the public – amounts to a maximum of 16.3 million shares valued at EGP 313.5 million and representing 15% of the issuance and 4.5% of shareholding.

The second – which is private – amounts to a maximum of 92.5 million shares valued at EGP 1.78 billion, representing 85% of the issuance and 25.5% of shareholding.

Edita announced earlier this week that its private placement issued to investment institutions had been over-subscribed 13.4 times.

The company has a market capitalisation of EGP 6.710 billion, based on the final price of the private placement on the Egyptian and London bourses and the public offering on the EGX.