Emerald Development raises EGP 57.6m in public, private offerings

Cairo – Mubasher: The public and private offerings of Emerald Development & Projects Management have been executed on 45 million shares, representing 10.59% of the company’s issued shares, at a price of EGP 1.28 per share, totalling EGP 57.6 million. 

The stock will start trading on the Egyptian Exchange (EGX) on 18 October, according to a statement on Thursday. 

The public offering (IPO) of Emerald Development & Projects Management has been oversubscribed by 26.34 times, while the private offering has been oversubscribed by 190%.

In September, the Financial Regulatory Authority (FRA) approved the publication of Emerald Development & Projects Management's prospectus to float 45 million shares, representing a 10.59% stake, at a price of EGP 1.28 apiece. 

Mubasher Contribution Time: 14-Oct-2021 12:59 (GMT)
Mubasher Last Update Time: 14-Oct-2021 12:59 (GMT)