By Ahmed Allam

Cairo – Mubasher: The IPO of MB For Engineering and Contracting was covered 1.5 times in the first day, said Abd El-Aziz Abedel-Nabi, Head of Investment Banking at Catalyst Partners.

Out of 5.52 million shares floated, 7.6 million shares were requested on the first day of the IPO , said Abd El-Aziz Abedel-Nabi.

The process of book building lasts for 5 days starting from 30 March to 5 April.

 Earlier, the company decided to offer 5.52 million shares worth EGP32.8 million, or a stake of 27.6% on Cairo bourse at EGP5.95 a share.

Catalyst Partners is sponsoring the share offering, while Cairo Financial Investment is the independent financial advisor.

Sigma Capital is acting as the lead manager, while Mubasher for Securities and Arabeya Online are the assistant lead managers.