The company has priced its shares at £E11.60 ($2.11) in the international offering – the mid-point of the £E10.60-12.60 ($1.93-2.30) price range announced on 5 November. A five per cent discount is available for the Egyptian offering, with shares priced at £E11.00 ($2.00).
Up to 395 million shares will be sold in what is the country’s largest initial public offering (IPO) by a property company.
On the basis of the offer price, the company will have a market capitalisation of £E23bn ($4.2bn) when trading begins on the Cairo & Alexandria Stock Exchange on 28 November.
The holding company was created in April as part of the simplification of the group’s structure in preparation for the sale. The business was established in 1988 by Hisham Talaat Mustafa.
The proceeds of the launch will be used to finance projects in Egypt and elsewhere in the Middle East and North Africa region.
HSBC and EFG Hermes are the joint global co-ordinators and bookrunners for the share sale.