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Real estate investment firm Bonyan is looking to raise EGP 1.8 bn by taking the company public, the company said in its IPO prospectus. The listing will offer up a 20–21.9% stake in the company through its retail and institutional tranches launching today with an indicative price range set at EGP 4.96–5.44 per share, while the independent financial advisor valued the stock at a fair value of EGP 7.52 a pop.
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Institutional investors will be allowed to compete for 95% of the 362.9 mn shares on offer — representing 20.8% of the company — until the institutional subscription round closes on 10 July, according to the IPO prospectus. Institutional investors will be able to acquire a minimum of EGP 10 mn, while high-net worth individuals can subscribe to the private placement tranche with a minimum of EGP 1 mn.
Retail investors will be able to buy up 5% of the shares on offer — representing some 1.1% of the company — until the close of the public offering on 15 July. Retail investors will be able to acquire a minimum of 100 shares and a maximum of 200k shares with a 30-day, 100% share price stability mechanism. The final offering price will be announced on July 11.
Bonyan’s entrance onto the EGX marks the only proper IPO of the year, in addition to being the first pure-play real estate operating company to list on the local bourse ever.
The real estate player will also embark on a EGP 250 mn capital increase, which will be done through a closed subscription from sole shareholder Sky Realty Holding across 50.4 mn shares.
ADVISORS- CI Capital and Arqaam Capital are leading the IPO as coordinators and bookrunners, with Mubasher acting as the offering agent. Matouk Bassiouny & Hennawy is serving as counsel, Baker Tilly is acting as the independent financial advisor, and PwC as auditor.
A wave of companies is lining up to make their debut on the EGX — though most have yet to officially file for listing. Among those preparing to list either this year or later are Al Ahly Sabbour, Damietta Container and Cargo Handling, Korra Energi, El Attal Holding, Royal House, Al Ahly Group for Modern Agriculture, Smart Villages, Tabarak Holding, Enara Group, Basata Holding for Financial Investments, GoBus, MO Group for Food Industries, SIAC Holding, Adeer, Arabia Holding, Friday Ice Cream, Al Gioshy Steel, Sun Way Egypt, Canal Company for Mooring and Lights, Port Said Container & Cargo Handling, Rakhaa for Agricultural Investment and Development, and a Talaat Moustafa Group subsidiary.
