Cairo – Mubasher: The Egyptian Exchange (EGX) announced that the initial public offering of (IPO) of Taaleem Management Services has been oversubscribed by 29.38 times.

Investors have placed orders for 525.616 million shares at a value of EGP 5.75 per share, the EGX said in a statement on Thursday.

CI Capital Holding For Financial Investments owns a direct and indirect stake of about 16.5% in Taaleem.

Earlier, the EGX’s 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.

The Egyptian Financial Regulatory Authority (FRA) approved the publication of the IPO prospectus of Taaleem Management Services.

The prospectus included 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.

Shares are 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.