Cairo – Mubasher: Fintech company Valu, a subsidiary of EFG Holding Company, is considering an initial public offering (IPO) of 25% of its shares on the Egyptian Exchange within the next 12 months, revealed Walid Hassouna, CEO of Valu, in an interview with Asharq Business.

EFG Holding will serve as the financial advisor to the offering, along with another entity, Hassouna added.

The CEO stated that the company aims to achieve a 40% increase in sales, reaching EGP 13 billion in 2024 from EGP 9.2 billion in 2023.

External Expansion

Furthermore, Hassouna announced that Valu has submitted a request to the Central Bank of Jordan to obtain a specialised financing license to establish a company with $7.50 million in self-financing operating in consumer and small- and medium-sized enterprises (SMEs) financing.

Hassouna stated that the company is expected to receive the license in the first half (H1) of 2024 and commence operations in Jordan by the end of the year or at the beginning of the next year at the latest.

The CEO mentioned that after Jordan, Valu is planning expansion in North Africa, particularly in Tunisia or Morocco, in 2025.

In January 2024, Valu signed a strategic agreement with Bosta to streamline the purchasing process and bolster sales for e-commerce businesses in Egypt and Saudi Arabia.