DICE to sell a 62.35% stake on the EGX

IPO WATCH- DICE Sport and Casual Wear announced yesterday its intention to float (pdf)up to 33.05 mn existing ordinary shares, representing 62.35% of its outstanding share capital listed on the EGX. The selling shareholders are National Textile S.A.E, which holds 56.0% of DICE’s share capital, and other minority investors who hold a combined 6.4% stake. The offering is split into an institutional offering and an offering to Egyptian retail investors. DICE submitted its public subscription notice to the EGX yesterday. CEO Nagy Toma said, “We continue to expand further through a combination of organic and inorganic growth across the value chain. We are very confident in our ability to continue this growth trajectory and we look forward to cement our position in the apparel and ready-made garment export and local market.” EFG Hermes is sole global coordinator and bookrunner for the offering and Matouk Bassiouny is local counsel.