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Emerald’s IPO 5.8 times oversubscribed so far

Emerald’s IPO 5.8 times oversubscribed so far
Emerald plans to float 28% of its shares on the EGْْX

Cairo – Mubasher: The initial public offering (IPO) of Emerald Real Estate Investment has been oversubscribed by 5.8 times, informed sources told Mubasher on Sunday.

At 12:00 pm Cairo time, investors submitted 272 orders for 20.4 million shares, sources added.

Previously, the CEO of the Egyptians for Housing and Development, which owns 50% of Emerald, told Mubasher that Emerald's public and private offerings have been oversubscribed, raising a total amount of EGP 280 million.

Earlier, the Egyptian Financial Regulatory Authority (FRA) approved a request to publish the prospectus of the real estate investment firm which plans to float 28% of its shares on the EGْْX, representing 70 million shares at a total value of EGP 202.3 million.