Act Financial eyes EGP 1 bn IPO: Investment management firm Act Financial plans to offer a minority stake worth EGP 1 bn through a capital increase in its long-awaited EGX debut, Al Borsa reports, citing unnamed sources. The company reportedly filed a temporary listing request with the EGX yesterday and is awaiting the listing committee’s approval.

No exit: Act Financial reportedly aims to raise the whole amount through a capital increase, without the exit of any existing shareholders.

Exact stake TBD: The exact size of the stake to be offered will be determined once Fact — the independent financial advisor on the transaction — concludes its studies within days.

Remember: Local media reported earlier this week that Act Financial is working to launch anIPO on the EGX in 2Q 2024. We first heard of the plan in September 2022, when Managing Partner and Co-Founder Mostafa Abdel Aziz told us that the company would offer a stake of up to 40% on the EGX by early 2023.

Advisors: Investment bank Zilla Capital and law firm Matouk Bassiouny have been tapped as consultants on the transaction, according to the sources.

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