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Egypt's e-finance expected to launch IPO in Q1-21

Egypt's e-finance expected to launch IPO in Q1-21
The listing is aimed at increasing the company’s capital

Cairo – Mubasher: Egypt’s financial technology company, e-finance, owned by the National Investment Bank (NIB), is expected to float its shares in an initial public offering (IPO) on the Egyptian Exchange (EGX) by the first quarter (Q1) of 2021, the Chairman, Ibrahim Sarhan, told Mubasher.

The state-run company’s general meeting will convene in February to determine the value of the listing after reviewing the financial results of the company, Sarhan added.

The listing is aimed at increasing the company’s capital to inject more investments and finance expansions, he noted.

Sarhan previously expected the IPO to be by the beginning of 2020, but it was postponed due to the coronavirus pandemic.