Cairo - Mubasher: The initial public offering (IPO) of Enppi is unlikely to take place in the first quarter of 2018, as previously planned, according to the CEO and managing director of NI Capital.
Ashraf Ghazali, the CEO of NI Capital, the book runner of the Egyptian government’s IPO programme, explained in a speech to the 4th CEOs Thoughts Conference, held in Cairo from 3 to 4 December that the IPOs of public sector companies is different from that of the private sector.
Ghazali also noted that the IPO for the Engineering for the Petroleum and Process Industries Company (ENPPI) will not exceed 24%.
The Egyptian capital market is relatively small and it has a weak impact on the country’s gross domestic product (GDP), he added, indicating that it is still capable of holding huge offerings.
Last August, the Egyptian minister of investment and international cooperation, Shahar Nasr expected ENPPI’s IPO to take place early next year.
Egypt aims at acquiring $10 billion from its IPO programme, in which stakes in a number of government-owned companies will be listed on the stock market.
The vice chairman of the Egyptian Exchange (EGX) is expecting three to five new IPOs in the market before the end of this year.
