Remember when we mentioned that Fawry, an Egyptian electronic payments company revealed its plan to list on the Egyptian Stock Exchange? Well, the company is pulling through with the plans, as the IPO is stipulated for the 8th of August 2019.
Fawry plans to sell about 36%, that is 254.6 million of its ordinary shares at EGP 6.46 per share. This listing will value Fawry at EGP 4.56 billion. The company began its institutional offering subscription on the 26th of July 2019 to end on the 31st of July 2019. While their retail offering which began on the 28th of July 2019, will end on the 5th of August 2019.
See also: Interswitch set to List on NSE and LSE, Plans to Raise $1 Billion
According to Fawry, its 36% offering will include a secondary sale by PSI Netherland Holding BV. They also revealed that about 7.2% of their shares will be sold to Actis– London-headquartered growth markets investor, another 7% to National Bank of Egypt, 7% to Banque Misr, 9.8% to qualified institutional investors in the private placement, while the remaining 5% will be sold to the retail offering.
Fawry was founded in 2008 by Ashraf Sabry & Mohamed Okasha. They currently offer over 250 electronic payment services to about 100,000 service points across 300 cities in Egypt. These include ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks. Fawry has an online payment gateway that grants online businesses access to collect payments from their customers via cash, credit cards, and mobile wallet.
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