MM Group files IPO request with EGX, to float 30% of shares

IPO WATCH- Law firm Zaki Hashem & Partners has filed a formal request on behalf of MM Group for Industry and International Trade to float 30% of its shares on the EGX at EGP 6.06 per share, firm partner Helal El Hossary tells Al Borsa. The Group’s is one of six capital raisings that could go forward in the first half of 2017. As we noted last month, Beltone Financial will be managing the offering, which will see 80-85% earmarked for institutional investors, with the balance comprising a retail offering to local investors. The Egyptian Financial Supervisory Authority had approved a fair value assessment for MM Group at EGP 6.75 per share.