Korra Energi temporarily to list shares on the EGX today ahead of upcoming IPO

There’s a new kid on the EGX block, with energy solutions firm Korra Energi temporarily set to list 2.3 bn shares at EGP 00.20 each today after the bourse’s listing committee approved the move, according to an EGX bulletin (pdf). The EGP 45O mn in issued capital will be under the ticket KORA.CA.

Korra now has six months to launch an IPO under the listing requirements, which also let the company extend the period with prior approval from the authority. In preparation, Korra is required to begin preparing consolidated financial statements for the fiscal year ending 31 December 2024.

IPOs are a bit of a rarity on the EGX nowadays, but investor appetite seems to be strong, with the only two IPOs to happen this year being heavily oversubscribed. United Bank’s retail offering, which closed last week, was oversubscribed 59x, while the offering’s private placement was covered 6x — raising some EGP 4.6 bn. While earlier in the year, Act Financial’s retail tranche for its EGP 1 bn IPO was 54.8x covered and its institutional tranche was 20.2x oversubscribed — the highest demand a subscription period has seen in six years.