Cairo – Mubasher: Cairo Investment and Real Estate Development has set an indicative price ranging between EGP 5.45 and EGP 6.3 per share to its stake offered for sale on the Egyptian Exchange (EGX).

The value of shares ranges between EGP 3 billion and EGP 3.45 billion prior to the initial public offering (IPO), the company said in a statement on Monday.

The company is expected to unveil the final price of the IPO on 22 September as it will be set in accordance with the book building system, the statement added.

Subscription in the IPO is likely to take place starting from 10 September until 25 September, the company indicated.

Trading on Cairo Investment’s stock is set to commence as of 1 October, the company said.

On Sunday, the Financial Regulatory Authority (FRA) approved to publish the offering bulletin for Cairo Investment to sell a 37.84% stake of the company’s capital.

In August, Cairo investment announced it was intending to float a 37.84% stake, or up to 207.2 million shares, on the EGX.