Algioshy steel to IPO next year, says Chairman

IPO WATCH- Algioshy Steel is planning to float shares on the EGX in an initial public offering next year, Chairman Tarek Algioshy tells Al Masry Al Youm. The company is looking to raise capital to fund expansion plans that include a new EGP 500 mn production line at its Six October plant, according to Algioshy, who says the company is hoping to double its output, of which it exports 30-40%. Algioshy had said in April that the company is in talks with local banks to finance its planned expansion. He had noted then though that the company would focus on satisfying local demand and look towards exports by 2019.