Egypt’s Orascom Construction has started trading on Nasdaq Dubai on 9 March having secured strong investor demand for its initial public offering (IPO).

The construction company sold 11 per cent of its shares at a price of £E108.71 ($14.25) a share, raising $185m and will be listed both in Dubai and on the Egyptian Exchange (EGX).

The price was set on 3 March after the bookbuilding process closed on 26 February.

Orascom is expecting its shares to start trading on the EGX between March 10 and 11. According to official statements, the Egyptian offer was five-times oversubscribed.

For the Cairo listing, Egypt’s EFG Hermes is the global coordinator and is acting as joint bookrunner with Egypt’s CI Capital and HSBC Bank Middle East.

EFG Hermes is working as the sponsor bank on the offering in Dubai, while the US’ Bank of America Merrill Lynch, the UK’s Barclays and HSBCMiddle East are the joint financial advisers.

Orascom Construction is owned by Egypt’s Sawiris family. It moved the company’s primary listing out of Egypt in 2013 when the Amsterdam-listed OCI NV, bought most of the company’s shares.

A demerger process to split the construction business from OCI NV’s fertiliser and chemicals business began earlier this year. The fertiliser arm will remain listed on the Euronext Amsterdam index.

Orascom Construction’s return to Egypt is timed with the country’s efforts to reinvigorate its economy and attract foreign investment back to the country.

Several large infrastructure projects will be presented to investors at the upcoming Egypt Economic summit being held in Sharm el-Sheikh from 13 March.