MM Group IPO covered 19.27x

IPO WATCH- The initial public offering for MM Group has been covered around 19.27x, Osama Rashad, head of investor relations at Beltone, told Reuters. “A private placement, completed on Monday was more than nine times over subscribed. The group's shares are expected to start trading [on] Tuesday.” MM Group priced its offering at EGP 5.96 and raised EGP 708 mn from selling 30% of its shares, the wire service reports.