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Egypt's e-finance sets IPO price range

Egypt's e-finance sets IPO price range
Proceeds from the IPO will be used to finance the company's expansion plans

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.