Cairo – Mubasher: Sarwa Capital is looking to raise as much as EGP 2 billion in proceeds from its initial public offering (IPO) on the Egyptian Exchange (EGX), managing director said.

The company will direct nearly EGP 700 million of the proceeds to boost capital, Hazem Mousa told CNBC Arabia in an interview.

The Egyptian firm aims to invest in the vital insurance sector through two companies, he indicated.

Sarwa Capital expected trading on its stock to commence on the EGX as of 15 October.

On Sunday, the company said that subscription for its shares as part of the IPO would begin on Wednesday, 3 October and end on Wednesday, 10 October.