Bonyan is on the verge of securing approval to list its shares on the EGX, as the Compass subsidiary could secure approval from the EGX’s listing committee to temporarily list its shares on the EGX’s main market today, unnamed sources tell Al Mal. Bonyan has requested to list 1.65 bn shares at a par value of EGP 1 a pop.

The real estate investment firm is pencilling in Q1 2025 for its planned IPO, with the company expecting to raise between USD 120-150 mn — some EGP 6-8 bn — from the listing, making the offering one of the largest the EGX has ever seen, the sources told outlet, without hinting at the proposed percentage of the company to be offered.

We first got wind that the firm was mulling an IPO in July, with unnamed sources at the time putting the IPO’s potential size at the lower end of current estimates at USD 120 mn.

Bonyan has already been laying the groundwork for the offering, with the company heading to a number of countries — including the UAE and Saudi Arabia — in September to hold roadshows to promote the IPO.

You may not have heard of Bonyan before, but there’s a good chance you’ve been to one of their properties, with the firm being the company behind Sheikh Zayed’s Walk of Cairo, having numerous office buildings in New Cairo’s central business district in its portfolio, and other assets in and around the capital.

Stories like this are giving some hope that the local IPO market won’t be as dry in 2025 as it has been for the last several years, with 2024 witnessing only two companies holding an IPO throughout the entire year. The companies in question were Act Financial, which began trading on the EGX in late July after a 26x oversubscribed offering and the IPO of United Bank, marking an important step in the state’s privatization efforts.

ADVISORS- CI Capital and Arqaam Capital are acting as managers, while law firm Matouk Bassiouny & Hennawy is offering legal counsel.

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