Cairo – Mubasher: Sarwa Capital on Thursday announced the completion of its private offering’s book building.

The final price of the initial public offering (IPO) has been set at EGP 7.36 per share, the company added in a statement.

The private offering has been oversubscribed 10.83 times, according to the statement.

Purchasing orders on the private offering amounted to EGP 21 billion ($1.2 billion) by over 280 financial institutions and individuals, Sarwa Capital highlighted.

The private offering is comprised of 265,650 million shares at a value of EGP 1.96 billion, the Cairo-based firm said.

The IPO is set to be closed on Wednesday, 10 October, with 29.517 million shares offered.

Trading on the stock will begin as of Monday, 15 October, under the symbol of SRWA.CA following obtaining the approval of the Egyptian Exchange (EGX).  

On Tuesday, managing director of Sarwa Capital Hazem Mousa said that the company plans to raise as much as EGP 2 billion in proceeds from its IPO on the EGX.

The company would direct nearly EGP 700 million of the proceeds to boost its capital, he added.