Cairo – Mubasher: MB For Engineering and Contracting will start Thursday trading on NILEX, said the Egyptian Exchange.

The opening price will be EGP5.95 per share, the Egyptian Exchange added.

The company’s IPO, which started from 30 March to 5 April was 29.4 times oversubscribed after bids were received for 162.5 million shares, according to OPR figures.

Earlier, the company’s shareholders gave the green light to floating 27.6% of capital, or 5.52 million shares worth EGP32.8 million, on Cairo bourse at EGP5.95 per share.

The share offering is sponsored by Catalyst Partners, while the independent financial advisor is Cairo Financial Investment.

Sigma Capital is acting as the lead manager, while Mubasher for Securities and Arabeya Online are the assistant lead managers.