July 10, 2019 / 7:56 AM / a month ago

UPDATE 1-Egyptian digital payments company Fawry preparing for IPO

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By Ehab Farouk

CAIRO, July 10 (Reuters) - Egyptian digital bill payments company Fawry has begun preparing for a share offering on the country’s stock exchange, Managing Director Mohamed 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 told Reuters.

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% of its shares.

Local newspaper Al-Borsa reported on Wednesday, citing unnamed sources, that Fawry plans to list 45% of its shares on Egypt’s stock market in the coming weeks to raise about 2.5 billion Egyptian pounds ($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 when contacted by Reuters.

The last IPO by a private company on the Egyptian Exchange was Sarwa Capital, specialised in finance solutions, last October. ($1 = 16.5850 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Yousef Saba, editing by Deepa Babington and Emelia Sithole-Matarise)

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