Cairo - Mubasher: The Egyptian Exchange (EGX) said that the initial public offering (IPO) of Cairo Investment and Real Estate Development was oversubscribed by 18.87 times.

 Purchase orders totalled 273.78 shares, the bourse said in a statement on Tuesday.

The company has set an indicative price ranging between EGP 5.45 and EGP 6.3 per share to its stake offered for listing.

The value of shares ranged between EGP 3 billion and EGP 3.45 billion prior to the IPO, but the company revealed earlier that final price has been set at EGP 6 per share.

Trading on the stock is set to commence as of 1 October.

The Financial Regulatory Authority (FRA) recently 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.