On Thursday, Egyptian electronics payment company Fawry listed its shares on the Egyptian Stock Exchange. In what is the first IPO in the country this year, the fintech’s shares soared to 31 percent on the first day of trading, giving the company a market capitalization of USD 366 Mn.
According to an Egypt Today report, investors from the North African country constituted 80.3 percent of Fawry’s IPO, while 50 percent of investments came in the form of private placements. Arabs and foreigners represented 19.7 percent of the IPO and 49.3 percent of the private.
Under the trading code FWRY.CA, the company offered 254.6 million of its shares to the public, representing 36 percent of the total. It went per share and was able to raise a total value of USD 100 Mn.
Meanwhile, the IPO for Fawry was oversubscribed by 30.3 times at a price of 39 U.S cents, according to a last week update from the Egyptian Stock Exchange.
According to EGX Chairman Mohamed Farid, the management of the stock exchange is always in support of potential firms with solid growth plans in all sectors.
This is as far as they are in alignment with the country’s plans to achieve economic growth in an inclusive and sustainable manner. Adding, he said that Fawry’s listing confirmed EGX’s diversity, which allows it to be investor-attractive.
A week earlier, Fawry raised funding to the tune of USD 22 Mn in heavily oversubscribed private share placing. According to EFG Hermes investment bank, the bids entered for 15.9 times the number of shares on offer in the placing. According to Reuters, the placing represented 10 percent of Fawry’s share capital and was targeted at financial institutions and major investors.