The initial public offering (IPO) of Ghazl El-Mahalla Football Company opened for subscription on 12 June and after only 48 hours, around 61.5% of the shares up for sale (98 million) were subscribed, as part of a capital increase.
The subscription requests on Monday reached about 97 for a total of 605,000 shares.
The IPO will continue until 1 July, while the private placement took place last November. The public subscription will increase the company’s capital by EGP 98m to EGP 200m.
Investors of natural and legal persons can subscribe to the shares of Ghazl El-Mahalla Football Company by submitting subscription applications through brokerage companies by registering the customer’s purchase order and pay 100% of the value of the order, which is EGP 1.02 per share, with a minimum subscription of 1,000 shares and a maximum of two million shares, through the Egyptian Exchange transaction system.
It is worth noting that the establishment of Ghazl El-Mahalla Football Company was completed in January 2021, to be the first Egyptian joint stock company specialized in football, after being separated from Ghazl El-Mahalla Club, which is affiliated with Misr Spinning and Weaving Company in El-Mahalla El-Kubra – one of the companies of the Ministry of Public Enterprises Sector.
The Company’s capital consists of in-kind shares of the Misr Spinning and Weaving Company in Mahalla, about EGP 65m, giving it the right to use the name and the stadium for a period of 20 years. The capital was increased by EGP 37m in a private placement to bring the total paid-up capital to EGP 102m from EGP 98m before the public subscription.