Fintech Startup Fawry Confirmedly To List Its Shares On The Egyptian Stock Exchange In August
Cairo-based fintech and electronic payments startup Fawry will go public on the Egyptian Stock Exchange on August 8, Enterprise reports.
An earlier WeeTracker report informed that the company is one of the three companies expected to IPO on the local stock exchange this year.
According to an official statement (PDF), its share price for the listing at EGP 6.46/share for its private placement and retail offering, a discount from its EGP 6.9 fair value price.
Fawry will sell 36 percent (254.6 mn) of its shares owned by PSI Netherland Holding, of which 7.2 percent will be sold to Acti. 7 percent will be sold to the National Bank of Egypt, and another 7 percent to Banque Misr. Meanwhile, 9.8 percent will be sold in the private placement and 5 percent in the retail offering.
Apparently, regulators have given the go-ahead, and the institutional offering which began on Friday, July 26 will be wrapped up on July 31. Fawry says the retail offering kicked off yesterday and will be finished on Monday, as trading will begin on August 8.
By putting its share price at EGP 6.46, Fawry will be getting a valuation a little over USD 275 Mn. This is nearly a triple of the USD 100 Mn valuation the company landed when it sold 85 percent of its shares were sold to a consortium of investors in 2015.
Being that the startup had its eyes set on valuation between USD 265 Mn and USD 330 Mn from the IPO, the possible raise falls fairly within its target. The listing comes at a time when Nigeria’s payments startups Interswitch is planning to IPO before the end of the year.
Being that the startup had its eyes set on valuation between USD 265 Mn and USD 330 Mn from the IPO, the possible raise falls fairly within its target.
Ashraf Sabry and Mohamed Okasha founded Fawry in 2008, and the fintech startup says it currently covers 250 electronic payment services.
The company’s network has more than 100,000 service points across 300 Egyptian cities, including ATMs, mobile wallets, post offices, retail outlets and vendor kiosks.
Featured image: Daily News Egypt
