Egyptian real estate firm Amer Group’s initial public offering (IPO) has been oversubscribed, its financial advisor Beltone Financial said.
Offers for 97 million shares had been made by 0928 GMT, more than the 82.1 million on sale, Beltone’s head of investor relations Osama Rashad told Reuters on Thursday.
Amer is offering the shares at LE 2.8 in a deal valuing the firm at LE 5.7 billion ($988 million), according to Reuters calculations.
It sold 328.6 million shares in a private placement that ended on Monday.
The IPO is Egypt’s second since 2008. Egyptian dairy and juice maker Juhayna Food Industries sold shares in an IPO in June. That offering, worth LE 192 million, was oversubscribed 6.8 times.
Amer Group sells holiday homes on Egypt’s coasts and elsewhere. One of its projects is Golf Porto, covering 2.2 million square meters in the mountainous Ain Sokhna area by the Red Sea.
The group also owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses.