Cairo – Mubasher: The Egyptian Exchange (EGX) on Thursday announced that Fawry for Banking Technology and Electronic Payments has offered 254.6 million shares, representing 36% of the company’s share capital, at EGP 6.46 per share, with a combined value of EGP 1.64 billion.

The number of shares allocated to the institutional offering in a private placement included 219.2 million shares, representing 86% of the total shares, while the remaining 33.3 million shares were allocated to the retail offering in an initial public offering (IPO), the EGX said in a statement. 

Egyptian investors made up 80.3% of Fawry’s IPO and 50% of the private placement.

Fawry’s retail offering was oversubscribed by 30 times, while the institutional offering was oversubscribed by 16 times.