Sarwa Capital, the provider of consumer and structured finance solutions in Egypt, announced during a press statement, that it is expected to start trading its shares on the Egyptian Exchange (EGX) on or around 15 October 2018.
“The indicative price range for the Offering has been set between EGP 7.04 to EGP 8.00 per share, giving a total offering size between EGP 2.1bn to EGP 2.4bn,” the company explained.
Sarwa Capital announced further the indicative price range for an offering of 295,170,731 ordinary shares on the EGX, representing 47.2% of the company’s total issued share capital, following the approval by the Egyptian Financial Regulatory Authority of its Public Subscription Note.
Moreover, the retail offering subscription will run for a week, during the period from 3 October to 10 October 2018.
The company explained that the shares will be offered in two tranches; a retail offering of 29,517,073 shares to individual investors, representing 10% of the Offering (the Retail Offering) and a private offering of 265,653,658 shares to qualified institutional investors representing 90% of the Offering (the Institutional Offering).
Following the Offering, the selling shareholders will use a portion of the Offering proceeds to subscribe to EGP 700m in a closed subscription at the offer price.
Furthermore, the final offer price will be determined in accordance with a book-building process and is expected to be announced on or around 4 October 2018, according to the statement.
Sarwa Capital has successfully concluded a local and international roadshow spanning the US, UK, South Africa, and GCC with a strong interest for the Offering from local and international investors.
