Institutional offering of Egyptian e-payment network Fawry was 15.9x oversubscribed at EGP 6.46 per share (offer price), having generated about EGP 7.1bn ($431.0m), the offering manager EFG Hermes announced in a press statement on Thursday.
The offering included 36% stake, distributed as follows: 149,948,474 shares to Actis, National Bank of Egypt, and Banque Misr (representing 21.2% of Fawry’s share capital), (the cornerstone offering); 69,315,803 shares to qualified institutional and high net worth investors (representing 9.8% of Fawry’s share capital), (the institutional offering); and 35,365,206 shares to retail investors (representing 5.0% of Fawry’s share capital) (the Retail Offering, and together, the combined offering), the statement read.
Subscriptions for the Egyptian Retail Offering will close on 5 August. Commencement of trading on the Egyptian Exchange (EGX), subject to the EGX’s permission, is expected to begin on 8 August.
EFG Hermes is the sole global coordinator and bookrunner for the combined offering. Zulficar and Partners is serving as the combined offering’s local counsel, meanwhile Zaki Hashem and Partners is serving as local counsel to the issuer.