By Mahmoud Salah El-Deen
Cairo – Mubasher: Medical services provider Cleopatra Hospital is forecast to start off its initial public offering (IPO) before the end of May, said Mohamed Omran, the Chairman of the Egyptian Exchange.
The Egyptian Exchange will obtain Cleopatra’s prospectus soon, the chairman added on the sidelines of money and finance conference in cairo.
Earlier, the Egyptian Financial Supervisory Authority (EFSA) gave Cleopatra the green light to fulfilling the requirements necessary for floating 25% of its shares on the Cairo bourse.
The company targets to issue 40 million shares on the secondary market through two tranches. The first tranche is a private share offering encompassing 34 million shares for financial institutions and solvent individual investors, while the second one includes 6 million shares to be sold in an initial public offering.
Cleopatra aspires to raise EGP600-700 million approximately through the flotation, said a first-hand official, who preferred to remain anonymous, at Cleopatra.
The medical care provider operates with EGP80 million distributed over 160 million shares at EGP0.50 each.
Translated by Ahmed El-Sayed Ali
