By Ahmed Allam

Cairo – Mubasher: Cleopatra Hospital received bids for 171.6 million shares, EGX over the counter market’s indicators revealed.

The initial public offering was thus covered by 28.6 times, according to Mubasher’s calculations.

Earlier, the company announced issuing 40 million shares 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.

The private offering, which started on 21 May, was covered by 28.6 times and its cut-off price was set at EGP 9 a share.

On 18 May, the Medical services provider said the benchmark price is ranging between EGP8.75 and EGP11.88 per share, but the cut-off price could be lower.

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

The company is capitalized at EGP 80 million distributed over 160 million shares at EGP0.50 each.

Translated by Ahmed Elsayed Ali