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OC’s IPO gets over 365,000 purchase orders in first day

OC’s IPO gets over 365,000 purchase orders in first day
Photo Credit: Arabianey

Orascom Construction’s (OC) private placement garnered 365,982 purchasing orders on Thursday, the first day of its offering, , according to data from the Egyptian Stock Exchange’s OPR system.

Orascom Construction has issued its offering memorandum after the conclusion of its private placement where it offered 12,984,565 shares for its capital increase to be listed on the Egyptian Exchange and Nasdaq Dubai at $14.28/share equivalent to $108.71/share which represents 11% of the company's share capital.

The shares will be offered in 2 tranches to both retail and institutional investors, where 10,623,735 shares were offered in the first tranche through the book building process and 2,360,830 shares will be offered in the second tranche through the OPR system on 4 and 5 March.