Cairo – Mubasher: The initial public offering (IPO) of Emerald Development & Projects Management has been oversubscribed by 26.34 times.

Purchasing orders placed on the shares of Emerald included 414.817 million shares, the Egyptian Exchange (EGX) said in a statement on Wednesday. 

Earlier, the company's private offering has been oversubscribed by 190% after placing orders on 29.25 million shares at a price of EGP 1.28 apiece. 

In September, the Financial Regulatory Authority (FRA) approved the publication of Emerald Development & Projects Management's prospectus to float 45 million shares, representing a 10.59% stake, at a price of EGP 1.28 apiece.