Cairo – Mubasher: Medical services provider Cleopatra Hospital commences receiving orders for its initial public offering today up till 30 May 2016, the Egyptian Exchange said.

The company will issue 40 million shares, or 25% of capital,  on the secondary market through two tranches. The first tranche is a private share offering encompassing 34 million shares for financial institutions and solvent individual investors, while the second includes 6 million shares to be sold in an IPO.

Earlier, Cleopatra said its initial public offering (IPO) benchmark price in the secondary market ranges between EGP8.75 and EGP11.88 per share.

Cleopatra seeks to raise EGP600-700 million through the flotation, said a first-hand official, who preferred to remain anonymous, at Cleopatra.

The medical care provider operates with a capital of EGP80 million distributed over 160 million shares at EGP0.50 each.