Cairo – Egypt: The initial public offering (IPO) of Speed Medical Co’s shares was executed at a total value of EGP 21.53 million.

The IPO was sealed through issuing 6.03 million shares representing 11.6% of the company’s issued capital at a value of EGP 3.57 per share, according to a disclosure by the Egyptian Exchange (EGX) on Thursday.

It is worth mentioning that the stock market announced that the subscription for Speed Medical’s shares was covered 0.46 times.

The EGX previously approved the listing of Speed Medical’s shares with an issued capital of EGP 52 million distributed on 52 million shares at a par value of EGP 1 each; the issuance was scheduled to be executed over three issuances at a value of EGP 1.5 million, EGP 2.65 million, and EGP 47.85 million, respectively.