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CAIRO, Oct 15 (Reuters) - Shares in Egypt’s Sarwa Capital IPO-SARW.CA fell 15.1 percent on their first day of trading on the Egyptian stock exchange, bourse data showed on Monday.
Sarwa’s flotation is among a number of new share offerings from both private and state companies expected to test investor appetite in Egypt over the coming months.
Sarwa’s shares began trading at 7.36 Egyptian pounds per share after a public and private offering worth 2.17 billion Egyptian pounds ($121.5 million). They closed at 6.25 pounds per share.
Four companies listed in Cairo in the first nine months of this year in offerings worth a total of 5.2 billion Egyptian pounds, the head of the exchange said on Monday.
That compares with 3.9 billion pounds from six offerings in the same period of 2017, he said. ($1 = 17.8600 Egyptian pounds) (Reporting by Ehab Farouk Writing by Aidan Lewis Editing by David Goodman)