The EGX is expected to see 4-5 IPOs over the coming eight months

IPO WATCH- The EGX is expected to see 4-5 IPOs over the coming eight months, EGX boss Mohamed Farid told Reuters’ Arabic service in an interview. Farid did not delve into the specifics of the listings, except to say that these companies are expected to raise as much as EGP 6-7 bn. The combined market cap of these companies was EGP 25 bn, he added. He added that foreign holdings in Egyptian stocks have climbed to EGP 20 bn since the EGP was floated back in November in 2016.

The bourse is also planning to shake up its stock market indices next year, Farid added. The plan is to eliminate two of the eight existing indices to make room for two new ones, according to Farid, who did not delve into the details. The decision to add two new indices came at the behest of foreign investors who made the proposal to the EGX during separate meetings with bourse officials, he added.