By: Hady El-Essawy
Cairo – Mubasher: Floating the shares of Act Financial on the Egyptian Exchange (EGX) confirms the market’s ability to attract more companies, Hany Hamdy, Managing Director at MubasherTrade Egypt, told Mubasher news portal.
Hamdy also shed light on the capital market’s competitive advantages linked to financing.
The Managing Director expressed his happiness with the success MubasherTrade has achieved in promoting Act Financial’s initial public offering (IPO).
This is considered the best subscription for individual shareholders amid the provided discount for the EGP 2.90 offering price compared to the independent financial advisor’s fair value (FV), Hamdy noted.
He concluded that the IPO proceeds will be used to increase Act Financial’s investments within the Egyptian market.
The offering is projected to generate more than EGP 1 billion. Meanwhile, the company intends to increase its capital by the IPO amount to reach EGP 3.24 billion compared with EGP 2.20 billion.
Act Financial will be floating 360 million shares, of which 300 million shares will be allocated for the private offering during 9-18 July and 60 million shares for the public subscription during 9-23 July.
Mustafa El-Shenety, Head of the Investment Banking Sector at Zilla Capital, the IPO manager, recently told Mubasher that the coming period would witness more activity in the Egyptian IPO market amid the stability of the currency exchange and politics.
Earlier, MubasherTrade Research set the FV of Act Financial at a range from EGP 3.44 to EGP 6.69 per share.
From his part, Act Financial’s Managing Partner, Mostafa Abdelaziz, unveiled plans to acquire equities in real estate, healthcare, and logistics companies.
The EGX greenlighted Act Financial’s IPO earlier in 2024 to reinforce the company’s position as a main player in the investment scene.
