Carbon Holdings taps EFG Hermes, Baker, W&C for IPO

IPO WATCH- Carbon Holdings has tapped EFG Hermes to run its IPO, which is scheduled to take place by December, unidentified sources tell Al Borsa. The size of the listing remains undetermined. The stake sale is likely to be the largest IPO in Egypt since 2011, although the company has yet to settle on the structure of the transaction or the secondary exchanges, sources had told us in an exclusive earlier this week. Carbon Holdings has also selected Baker & McKenzie as local legal counsel and White & Case as international counsel. The company is also hoping to borrow USD 6 bn to cover 60% of the costs of its USD 10.8 bn petrochemical complex in Ain Sokhna, according to the sources.