Trading on Obourland’s initial public offering (IPO) started at the Egyptian Exchange (EGX) on Thursday, at a price of EGP 9.68 per share.
This comes in light of completing the subscription and customisation requests of 56 million shares at 5.7 times, with coverage requests of 459 million shares estimated at EGP 4.4bn.
During the opening of the IPO, Minister of Industry and Trade Tarek Kabil said that the demand of local and foreign companies on Obourland’s IPO is proof of global financial markets and foreign investors’ confidence in Egypt.
Kabil added that the food sector represents a large part of Egypt’s industry and exports.
