By Ahmed Allam

Cairo – Mubasher: The initial public offering of MB For Engineering and Contracting was oversubscribed by the end of its closing date.

The IPO was covered 29.4 times after bids were received for 162.5 million shares, according to OPR figures.

Earlier, the company’s shareholders gave the green light to floating 27.6% of capital, or 5.52 million shares worth EGP32.8 million, on Cairo bourse at EGP5.95 per share.

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

The share offering is sponsored by Catalyst Partners, while the independent financial advisor is Cairo Financial Investment.

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