Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the initial public offering (IPO) prospectus of Taaleem Management Services.

The prospectus includes the sale of up to 357.822 million shares, or 49% of the company’s share capital, in the secondary market at a maximum price of EGP 6.2 per share, the FRA said in a statement to the Egyptian Exchange (EGX) on Thursday.

Shares will be offered in two tranches as the company allocated 17.89 million shares or 5% of offered shares for natural persons in a public offering and 339.93 million shares or 95% of total offered shares for experienced institutional and retail investors with high financial solvency in a private placement.

An eligible investor signed an agreement to purchase the private-placement shares for $30 million.

The agreement will be cancelled, if the offering is not executed before 31 March or in case of any significant economic changes that might affect the company’s financial position.

Earlier, the Egyptian Exchange's (EGX) listing committee approved listing the shares of Taaleem Management Services with an issued capital of EGP 730.250 million distributed over 730.250 million shares.