Cairo – Mubasher: Medical services provider Cleopatra Hospital said its initial public offering (IPO) benchmark price in the secondary market ranges between EGP8.75 and EGP11.88 per share, according to a press release.
The company will 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 includes 6 million shares to be sold in an IPO.
Earlier, the Egyptian Financial Supervisory Authority (EFSA) gave Cleopatra the green light to fulfill the requirements necessary for floating 25% of its shares on the Cairo bourse.
Cleopatra seeks to raise EGP600-700 million through the flotation, said a first-hand official, who preferred to remain anonymous, at Cleopatra.
The medical care provider operates with a capital of EGP80 million distributed over 160 million shares at EGP0.50 each.
