Cairo – Mubasher: The Egyptian Exchange (EGX) raised $2.2 billion from 23 initial public offerings (IPO) over the last decade, PwC said in its latest report: “Africa Capital Markets Watch 2019.”

Between 2010 and 2019, the EGX accounted for the largest share of 60% of total IPO proceeds on North African exchanges.

Total IPO proceeds raised on African exchanges during the 10-period reached $15.9 billion from 202 IPOs. 

Sub-Saharan African exchanges made up 66% of total African IPOs, raising $12.3 billion from 133 IPOs.

In 2019, the Egyptian bourse led the IPO volume, raising $209 million from three IPOs, including Fawry for Banking Technology and Electronic Payments, and Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda).

In addition, Egypt made up the second largest volume and value of follow-on offerings (FO) of 10% and 6%, respectively.