Investors have a week to get their money back from Ghazl El Mahalla

Would-be investors in Ghazl El Mahalla have a week to cancel their orders following the club’s failed IPO, according to an EGX bulletin (pdf). The 500 retail investors who subscribed to the offering have the option to pull their money or remain on board as private shareholders until the club gives the IPO another shot. Just 18% of the 98 mn shares in the retail component were covered in a subscription period that lasted more than two months.

Ghazl El Mahalla hasn’t thrown in the towel just yet: The firm plans to wait until mid-2023 until trying again, Mohamed Maher, CEO of IPO bookrunner Prime Holdings, told us previously. “We may change our strategy next time and include a strategic investor,” he said.