Cairo: Shares in Raya Contact Center Co will start trading next week after the company sells a 49 per cent stake to investors with the aim of raising 808.5 million Egyptian pounds ($45 million, Dh163 million), Chief Executive Ahmad Imam told Reuters.

The company, which was founded in 2001 and provides outsourcing services to Europe and the Middle East, closed its private placement on April 12 after it was oversubscribed four times. The initial public offering is due to close on April 20.

Financial advisers set a fare share price of 17.91 pounds per share for the issue. Shares are expected to start trading on the bourse on April 27.

The company aims to double revenues and profit within two years as it expands in Egypt and the region, Imam said, adding that he expects revenue to increase 33 per cent this year and profit by more than 40 per cent.

Imam said more than 50 per cent of the profit for 2017 and December 2016 will be distributed to investors in 2018.

Raya Contact Centre’s profit for 2016 exceeded 110 million pounds versus 30.1 million a year earlier. Its revenue was 500 million pounds in 2016 versus 288.2 million a year earlier.