Cairo – Mubasher: The Egyptian Exchange (EGX) expects to see between four and five private companies launch initial public offerings (IPOs) on the bourse this year, EGX vice chairman Mohsen Adel said on Monday.

These companies will be operating in the fields of industry, real estate, as well as the financial sector, Reuters reported, citing the top official as saying.

Private company IPOs will range from large with around or over EGP 2 billion in offerings to medium-sized companies with IPOs worth EGP 1 billion on average, Adel revealed.

Earlier on Monday, Egypt’s finance minister Amr El Garhy told the news agency that Egypt was looking to raise between EGP 12 billion and EGP 15 billion ($680 million to $850 million) from around six government companies planning IPOs in 2018.

State companies considering an IPO and listing in 2018 include Engineering for Petroleum and Process Industries (ENPPI), which is planning a September IPO, El-Garhy revealed.

The most recent government-owned IPO on the EGX was for Misr Fertilizers Production (MOPCO) after a near 10-year IPO hiatus.

On Sunday, Egypt’s Ministry of Finance unveiled plans to offer up to 23 state-owned companies on the EGX at a total value of EGP 80 billion as part of the first phase of government-owned companies’ IPOs.

These companies include Banque Du Caire, one of Egypt’s largest banks, Misr Insurance Company, and oil firms Middle East Oil Refining (MIDOR) and ENPPI.