(Photo courtesy of Emaar Misr)
Emaar Misr for Development expects to receive the approval of the Egyptian Stock Exchange’s (EGX) management on 2 July for its recently reported capital increase of EGP 600m.
In a statement Tuesday, Emaar said it expects to obtain listing approval on the EGX under the symbol “EMFD.CA” on 5 July.
The company set an allotment ratio for its Initial Public Offering (IPO) at 2.78% per subscriber.
On Thursday, the results of Emaar Misr’s IPO saw a subscription to about 3.23bn shares. This figure was based on the company having previously announced offerings to individuals amounting to 90m shares (or 15% of the total offering) that were then multiplied 36 times over.
The company had earlier announced they were specifying the size of IPO for the first tranche for individual investors of about 90m shares, representing 15% of the IPO. The second tranche for institutions was placed at approximately 510m shares, representing 85% of the IPO.
In February 2015, the EGX announced that Emaar Misr formally requested listing its shares on the stock market. For the remaining 85%, the company will have a private offering for eligible institutions, including Egyptian ones.
