Dubai: EFG Hermes said it concluded its advisory to Cairo for Investment & Real Estate Development (CIRA) on its 1.244 billion Egyptian pounds (Dh255 million) initial public offering (IPO) on the Egyptian Exchange.

The IPO saw selling shareholders Social Impact Capital (SIC) alongside other minority shareholders offer 207,259,025 shares or 37.8 per cent of CIRA to institutional and retail investors at an offer price of 6 pounds per share.

CIRA is the largest integrated provider of educational services in the Egyptian private sector, owning and operating 19 schools with over 24 thousand enrolled students as of 2018.