AT Lease institutional offering 40.16x oversubscribed

IPO WATCH- The institutional offering tranche of Al Tawfeek Leasing Co. (AT Lease) shares was 40.16x oversubscribed for the 14.4 mn shares offered, generating EGP 95.04 mn from investors. Our friends at Pharos Holding, the sole bookrunner and coordinator for the transaction, reported receiving orders from investors totaling EGP 3.8 bn with a final price of EGP 6.60 per share. The private placement tranche represented 75% of the total offering. Subscription for the public offering for the remaining 25%of shares will end at the end of the trading day on Sunday, 24 December, with a total of 4.8 mn shares offered.