Act Financial gets the green light to list on the EGX: Investment management firm Act Financial is closing in on its long-awaited initial public offering on the EGX and expects to start trading its shares within two months, after obtaining approval from the EGX, according to a statement (pdf) from the company yesterday.

What stake size are we talking? The company will be out with details of the upcoming IPO as soon as it works to finalize listing on the EGX in 2Q 2024.

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

Where the fresh funds will go: Of the proceeds — which are expected to reach EGP 1 bn, according to unconfirmed media reports last month — 75% will go into acquiring stakes in EGX-listed companies, while 20% will finance the registration of new SMEs on the bourse, Al Mal reports, citing what it says are sources in the know. The remaining 5% will go into restarting its subsidiaries in securities trading and asset management.

Retail investors will get 25% of the offering, while institutional investors will get 75%, the sources added to Al Mal.

What they said: “This has been our vision and dream since starting Act almost a decade ago in 2015,” said CEO Bassem Azab. “The IPO will not only mark a new chapter in our journey but also provide us with the necessary resources to capitalize on our pipeline of opportunities. This will allow us to grow and expand, further solidifying our position as a key player in the investment scene.”

The advisors: Investment bank Zilla Capital and law firm Matouk Bassiouny have been tapped as consultants on the transaction.

Remember: We first caught wind of Act’s IPO plans back in 2022, when Managing Partner and Co-Founder Mostafa Abdel Aziz told us that the investment firm is aiming to offer up to a 40% stake on the EGX.

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