Another IPO planned for the EGX is in the works: Local real estate developer Al Ahly Sabbour is looking to list some 20-25% of its shares on the EGX, Chairman Ahmed Sabbour told Asharq Business. The company expects to tap an advisor in early 2025, Sabbour said, adding that the final decision on the exact stake to be offered rests with the board and the chosen advisor. The company’s ownership is split between the National Bank of Egypt, which holds a 40% stake, and the Sabbour family, which owns the remaining 60%.

Remember: Sabbour told the media back in July that the company was in talks withundisclosed advisors regarding its plans to go public, adding that preparations are expected to wrap up by March 2025

The IPO has been in the pipeline for a while: It was reported in October 2017 that the company would list its shares on the bourse within a year.

WHAT’S THE FAIR VALUE OF UNITED BANK-

United Bank establishes fair value of shares ahead of approaching IPO: Central Bank of Egypt-owned United Bank’s shares have a fair value of EGP 15.73, according to the IPO prospectus (pdf) published on the EGX yesterday. This price would the value the total offering at EGP 5.2 bn.

This is more than what the lender has penciled in for its IPO: The lender had set anindicative pricerange of EGP 12.70-15.60 per share for its upcoming IPO on the EGX, potentially raising between EGP 4.2-5.1 bn. The final offer price will be determined through the bookbuilding process.

Remember:The lender revealed its intention to float 330 mn of its sharee — equivalent to a 30% stake — on the EGX last month, with plans to to make its EGX debut before the end of the year.

Advisors: CI Capital will act as sole global coordinator and bookrunner for the offering, while Helmy, Hamza & Partners — Baker McKenzie’s Cairo office — has been appointed as counsel. Baker Tilly is independent financial advisor and Ernst & Young (EY) is auditor.

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