Trading in shares of Egyptian real estate firm Amer Group will begin on Tuesday after an IPO that was oversubscribed 5.8 times, Egypt’s stock exchange said on Sunday.
The firm priced shares sold in the initial public offering (IPO) at LE 2.8 each, its advisor Beltone Financial said last week, valuing the company at LE 5.7 billion ($987 million).
Shares in Amer Group, which sells holiday homes on Egypt’s coast and elsewhere, will trade without price limits for the first day only, the bourse said in its statement.
The IPO is the second on Egypt’s main market since 2008 after Egyptian dairy and juice maker Juhayna Food Industries sold shares in June.
Amer, which also owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses, sold 328.6 million shares in a private placement that ended last Monday.
