Dubai: Egypt-based Talaat Mostafa Group Holding Company (TMG), yesterday said it will go public with an initial public offering (IPO) and listing of these shares on the Cairo and Alexandria Stock Exchange .

The base offering will consist of 295 million ordinary shares. The shares will be 56 per cent primary and 44 per cent secondary. In addition, up to 50 million primary shares maybe issued by the company as part of the over allotment option and a further 50 million secondary shares may be sold at the discretion of the underwriters.

The preliminary pros-pectus for the IPO will be published today. The price range is 10.60 Egyptian pounds to 12.60 pounds per ordinary share, implying a value range for the offering of 3.1 billion pounds to 3.7 billion pounds.

The proceeds of the primary component of this offer will be used to fund current and potential projects in Egypt and the Region.

EFG Hermes and HSBC have been appointed as joint global coordinators and joint bookrunners for the offering.

Hisham Talaat Mostafa, Executive Chairman said, "Over the last twenty years, TMG has built an unparalleled reputation for high quality, large scale developments within Egypt."

He said we have become the industry leader in Egypt through our focus on project origination, development skills and sales expertise. The economic background for our business is expected to remain buoyant and we intend to take part in this growth fully. For this reason, we look forward to presenting our exciting prospects to investors across the world and hope that they will share our confidence in the future.

Fast facts: IPO proceeds will be used to fund projects

- The preliminary prospectus for the IPO will be published today. The price range is 10.60 Egyptian pounds to 12.60 pounds per ordinary share, implying a value range for the offering of 3.1 billion pounds to 3.7 billion pounds.

- The proceeds of the primary component of this offer will be used to fund current and potential projects in Egypt and the Region.

- EFG Hermes and HSBC have been appointed as joint global coordinators and joint bookrunners for the offering.