Cairo – Mubasher: The second phase of the Egyptian government's initial public offering (IPO) programme will be launched during the fourth quarter of 2019, the public business sector minister said.

This phase will feature between six and seven IPOs on the Egyptian Exchange (EGX), Alborsa News reported, citing Hisham Tawfiq as saying.

The government has not yet settled on when it would launch the second IPO within the programme’s first phase, Tawfiq added, noting that some companies to be listed with include sectors not currently included or part of the EGX.

Last week, Tawfiq stated that Eastern Co’s private placement had been oversubscribed by 1.8 times at EGP 17 per share.

The IPO programme is expected to witness 23 offerings, including 14 companies to be listed on the EGX for the first time, while the other listed-firms will raise their floated stakes.

The total value of the offered stocks is likely to reach EGP 80 million, whereas the market value of the listed-stocks is expected to leap to around EGP 430 billion.