Cairo: Egyptian digital bill payments company Fawry has begun preparing for a share offering on the country’s stock exchange, managing director Mohammad Okasha said on Wednesday.
“The general direction of the company’s current shareholders is offering on the Egyptian stock exchange and we have started preparing for this move,” he said.
Fawry is planning the share offering for this year or early 2020, he said. Details on the size of the offering or the company’s valuation have not yet been agreed, Okasha added.
Fawry, owned by local and foreign investment banks, was founded in 2009. It also operates in the banking technology field and provides services to individuals and companies.
Management and employees hold around 8 per cent of its shares.
Local newspaper Al-Borsa reported on Wednesday, citing unnamed sources, that Fawry plans to list 45 per cent of its shares on Egypt’s stock market in the coming weeks to raise about 2.5 billion Egyptian pounds (Dh550 milllion or $150.74 million). Al-Borsa said EFG Hermes would manage the IPO and Zulficar & Partners would serve as legal counsel.
EFG Hermes declined to comment.
The last IPO by a private company on the Egyptian Exchange was Sarwa Capital, specialised in finance solutions, last October.