More details on Act Financial’s upcoming IPO: Investment management firm Act Financial wants to either acquire or merge with another entity to create “a big financial entity,” after going public, CEO Bassem Azab told Asharq Business. A number of Saudi and Emirati investors have already expressed interest in taking part in the transaction, he added.

The company will list up to 30% of the company and bring in around EGP 1 bn when it goes ahead with its long-awaited initial public offering on the EGX within months, Azab added.

ICYMI: The firm has secured regulatory approval for its IPO on the EGX earlier this week, and expects to start trading its shares within two months, with 75% of the offering set aside for institutional investors and the rest for retail investors. It will raise the whole amount through a capital increase, without the exit of any existing shareholders.

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

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