Cairo – Mubasher: The Egyptian Exchange (EGX) gave a nod to the IPO prospectus of Obour Land for Food Industries.
Obour Land plans to float 40% stake equivalent to 80 million shares on the Egyptian Exchange at maximum offering price of EGP 9.68 per share.
EGX said it will start receiving and registering the orders related to the public offering starting from 6 December, noting that the final IPO price will be decided following closing the private placement.
The company noted that the first tranche of the IPO will amount to 24 million shares that represents 30% of the total floated shares and accounts for 12% of the company’s total issued shares.
The first tranche will be allocated to the public offering, noted Obour Land.
Meanwhile, the second tranche of 56 million shares will be allocated to the private placement.
Obour Land operates with 200 million shares distributed across 200 million shares.
