National Printing priced its EGX IPO at EGP 21.25 per share, according to a statement (pdf). The company is floating a 10% stake via a secondary two-tranche offering that is expected to raise some EGP 449.9 mn in proceeds, implying a market cap of EGP 4.5 bn at listing, based on our calculations. National Printing’s shares have been listed on the EGX under the ticker NAPR.CA.

Why skip the bookbuild? The IPO is being run as a fixed-price offering, meaning the share price was set in advance rather than discovered through investor bids. This is a common approach for offerings with pre-committed anchors and strong early roadshow feedback; it allows issuers to move quickly, reduce execution risk, and lock in pricing with a clearer view of investor appetite.

Derisking the offering pre-listing: The issuance is derisked by the private tranche which is anchored by Saudi investor Omran Mohamed AlOmran for 10.6 mn shares. The offered shares are split evenly between the private and the public tranches.

The pricing represents a 25% markdown to the EGP 28.3 fair value, which was determined by Baker Tilly as the firm’s independent financial advisor, according to the subscription notice (pdf). This is standard practice on the EGX, especially for mid-cap listings like National Printing aimed at drumming up early demand and ensuring full coverage.

What’s next? Subscriptions for the public tranche of the offering, which is open to both retail and institutional investors, will run from today to Thursday. They can apply for a minimum of 100 shares each, with no stated maximum beyond the size of the offering.

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

Also in the 2025 IPO pipeline: The EGX’s IPO pipeline dried up as the 2023-2024 currency crisis took hold — and had been weak for some time before that. REIT-like real estate operator Bonyan broke the curse this summer with its closely watched listing. Investors are particularly excited about the prospect of a Hussein Abaza-led Banque du Caire privatizing a stake through an IPO — bonus if it includes a GDR listing — while the is chatter that military-owned bottled water maker Safi and filling station owner Wataniya could go public. Two government sources told us earlier this summer that BdC, Safi, and Wataniya are in the pipeline as the state looks to raise as much as USD 5-6 bn from a “fourth wave” of privatization.

A hodge-podge of private sector companies have also flagged interest in going public, but we have even less clarity on their timelines than we do on the big three. They include Al Ahly Sabbour, Enara, Tabarak Holding, and others.

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