National Printing revives shelved IPO, announces ITF: National Printing Company is taking a 10% stake, or 21.2 mn shares, to market in a secondary offering on the EGX, according to its intention to float (ITF) document (pdf). The transaction, which is pending final regulatory approval, will be split equally between a public tranche and a fully committed private tranche anchored by Saudi investor Omran Mohammed AlOmran.

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IN CONTEXT- A busy few days for the EGX. The benchmark index notched a fresh all-timehigh yesterday and continues to outperform regional peers on a YTD basis. Sentiment has shifted with local institutional players back in the market, and more serious IPO chatter now than we’ve seen in years. National Printing’s IPO revival comes as a growing number of companies line up to tap the market for capital and visibility.

Books open next week: Subscriptions for the public tranche of the offering, open to both retail and institutional investors, will run from Sunday, 27 July to Thursday, 31 July. Both the private and public tranches will be offered at the same share price — which is yet to be announced.

BACK ON TRACK- The announcement comes nearly a month after Qalaa Holdings’ Managing Director Hisham El Khazindar said the IPO had been shelved due to geopolitical uncertainty stemming from the Israel-Iran conflict at the time. The company first announced plans to go public in mid-2023 via direct listing shortly after TAQA Arabia’s technical listing. It was later said to be eyeing a traditional IPO in 2H 2025 — a timeline it now looks set to hit.

Who’s cashing out? National Printing International Holding is selling an 8.25% stake in the company, while Qalaa’s Grandview is offloading its remaining 1.75% stake in National Printing. Some minority investors are also chipping in.

A snapshot of its latest financials: National Printing reported EGP 7.1 bn in revenue and EGP 1.6 bn in EBITDA last year, with exports accounting for 25% of its total revenue, providing a steady stream of FX. In 1Q 2025, it generated some EGP 1.7 bn in revenue with EBITDA hitting EGP 394 mn.

A structural edge in an inflationary market: National Printing offers a natural FX hedge with a vertically integrated, EGP-cost-based (80%) operation in an export-driven business. This structure positions it well for macro volatility and margin resilience, especially as inflation and currency pressures persist.

About National Printing: Founded in 2006, National Printing was set up as a JV between Grandview and El Moallem family. It is now one of the country’s largest producers of packaging and printing products. The firm operates four core subsidiaries — Shorouk, Uniboard, El Baddar for Packaging, and Windsor. Its facilities in Obour and Sadat produced over 230k tons in 2024 alone.

ADVISORS- Our friends at EFG Hermes Promoting & Underwriting are the sole global coordinator for the combined offering, while Zulficar and Partners is serving as counsel.

A busy summer: U Consumer Finance — which owns and operates the Valu brand — startedtrading late June, with shares jumping 852.4% from its opening price of EGP 0.78 during its first trading session. And we’re hours away from Bonyan making its EGX debut.

Also in the 2025 IPO pipeline: Several private companies also announced plans to go public on the EGX this year, including Saudi-owned Rakhaa, El Attal Holding, Al Ahly Group for Modern Agriculture, Go Green for Agricultural Investment, Korra Energi, Smart Villages, Al Ahly Sabbour, Enara, Basata Holding for Financial Investments, Tabarak Holding, Damietta Container and Cargo Handling, Friday Ice Cream, Sunway Egypt, National Printing, and Port Said Container & Cargo.

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