Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved the publication of the initial public offering (IPO) prospectus of e-finance For Digital and Financial Investments.

The offering includes the sale of up to 257.77 million shares, representing 16.1% of the company's issued capital shares, in public and private placements in the secondary market, the FRA said in a statement to the Egyptian Exchange (EGX) on Wednesday. 

The company can increase the number of offered shares in the private placement based on demand to a maximum rate of 26.1%, the FRA added. 

Earlier, the e-payments platform announced that the price range for its planned IPO has been set between EGP 12.50 and 13.98 per share.

The final price of the IPO will be determined on 9 October in accordance with the book-building process. 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.