DICE shares priced at between EGP 22.60 and EGP 27.10

IPO WATCH- DICE shares priced at between EGP 22.60 and EGP 27.10: DICE Sport and Casual Wear announced on Saturday an indicative price range (pdf) for an offering of up to 33.05 mn existing ordinary shares, representing 62.35% of its outstanding share capital listed on the EGX. The offering has been priced at between EGP 22.60 and EGP 27.10 per share. The offering received regulatory approval from the Egyptian Financial Supervisory Authority, DICE’s head of IR Victor Fakhry tells Al Borsa. 85% of shares on sale will be offered in an institutional offering, while 15% will be earmarked for local retail investors, said Fakhry. He added that the sale should start in the coming few weeks, without giving a precise date. 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. EFG Hermes is sole global coordinator and bookrunner for the offering and Matouk Bassiouny is local counsel.