Cairo – Mubasher: Egypt's e-payments and fintech platform e-finance has set the price range for its planned initial public offering (IPO) between EGP 12.50 and 13.98 per share
The final price of the IPO will be announced on 9 October based on the demand, according to a statement on Thursday.
Subscription for the public offering will be opened from 6 October to 13 October and trading on the company's shares will begin on 18 October.
The e-payment firm intends to offer 80 million shares in a secondary offering on the Egyptian Exchange (EGX) and implement the IPO in the main market for 177.77 million shares, representing 14.5% of the company's shares.
The offering consists of a private offering for institutional investors and a public offering for retail investors.
The proceeds from the IPO will be used to finance the company's expansion plans as part of its growth strategy.
e-finance generated EGP 1.2 billion in revenues in 2020, with a compound annual growth rate (CAGR) of 30% between 2018 and 2020, and EGP 904 million in revenue in the first half (H1) of 2021.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached EGP 465 million with a CAGR of 35% between 2018 and 2020 and stood at EGP 379 million in H1-21.