Cairo – Mubasher: MM Group’s initial public offering (IPO) has been oversubscribed 19 times, the institutional clients account manager in Mubasher International stated.

The offers’ volume reached 343.38 million shares by the end of Thursday, Mahmoud Hossam added.

The company had stated in a previous statement that it will start receiving offers for the IPO with a maximum price of EGP 6.06 starting from the last Monday’s session until Thursday.

MM Group will offer about 100.9 million shares to institutions, amounting to 85% of offered shares and 25.5% of the paid-up capital.

The company’s capital before the IPO amounted to EGP 396 million, distributed over 396 million shares at a par value of EGP 1.