National Printing Company made a stellar trading debut on the EGX yesterday, with shares jumping to a high of EGP 23.69 before settling at EGP 23.25 — up 9.4% from the IPO price — ranking among the top five performers on the bourse. The stock still has headroom, with a fair value estimate of EGP 28.27 suggesting further upside for investors considering long positions.

There’s plenty of room for the stock to trend higher in coming sessions: Trading was brisk, with 8.1 mn shares changing hands — about 37% of the 21.2 mn shares floated — in transactions worth EGP 185.6 mn across 2.9k trades.

ICYMI- National Printing floated 10% of its shares, raising around EGP 449.9 mn. Half the offering went to a Saudi investor via private placement, with the remainder split between Egyptian institutional and retail buyers.

ADVISORS- EFG Hermes Investment Banking acted as sole global coordinator, while Zulficar & Partners served as legal counsel.

This marks the EGX’s second IPO of the year after Bonyan and the third taking into account Valu’s trading debut in June.

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. 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 there 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 have on the big three. They include Al Ahly Sabbour, Enara, Tabarak Holding, and others.

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