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CapitalMed is heading toward a 25% float of its shares on the EGX in 2Q 2026, targeting an EGP 2 bn raise, the Arabic press reports, citing people it says have knowledge of the matter. The news confirms what former EGX head and FRA Executive Chairman Islam Azzam hinted at to EnterpriseAM earlier this year. CapitalMed, a 144-acre integrated medical complex in Badr City, is being developed by Hassan El Kalla’s Egyptians for Healthcare Services (EHCS).
The pitch? EHCS is raising funds to expand the flagship project. The move would value the preprofit venture at roughly EGP 8 bn at listing, by our math. The project is 28% owned by our friends at CIRA.
Uh, Enterprise… how is a preprofit venture going public? To pull this off, CapitalMed is leaning on Article 7 of the Capital Market Law, which allows greenfield projects — new ventures built from scratch in undeveloped spaces — to list without the standard two years of audited earnings, provided they show a path to black within three years.
Where things currently stand: Following a site visit by the EGX Listing Committee last week, the smart medical city is expected to receive formal approval for a temporary listing on the EGX next month, sources told the Arabic press.
A redemption arc with caveats: Just two years ago, CapitalMed appeared to be a casualty of the FX crisis when UAE district-cooling giant Tabreed walked away from an EGP 1.6 bn contract to design, build, and operate a cooling plant for the complex. Tabreed cited the project as “financially unsustainable” due to USD-denominated costs and EGP-pegged returns.
ICYMI- EHCS derisked the project for the IPO: The company closed Egypt’s first-ever sustainability-linked musharaka sukuk last year, raising EGP 2.4 bn to jumpstart the first phase of CapitalMed. The transaction drew interest from Al Ahly Pharos, National Bank of Egypt, Suez Canal Bank, and Al Baraka Bank, as well as Abu Dhabi Commercial Bank and the Industrial Development Bank.
About CapitalMed: The medical city will bring together a string of hospitals, specialized medical facilities, medical research centers, and support services, with plans to house over 4k beds, 700 ICUs, and 70 operating rooms, serving over 5 mn patients per year.
