Ghazl El Mahalla could sell shares in an initial public offering on the EGX as soon as 1Q2021, Public Enterprises Minister Hisham Tawfik said, according to Al Mal. A joint-stock company the ministry set up earlier this year to incorporate the state-owned football club will target EGP 100 mn through the listing. Tawfik previously said the ministry is planning to list around 66% of the company, but the final size of the stake is yet to be confirmed.

What to expect: The IPO will be open to both retail and institutional investors, with the ministry expecting to appoint a lead manager within one week, according to Tawfik. Original shareholders, which are state-affiliated, will be keeping a 50% stake for at least two years post-IPO, Tawfik noted. The state parent company will hold golden shares allowing it to outvote other shareholders. The IPO would make Ghazl El Mahalla, which has recently made a comeback to the Egyptian Premier League, the first sports club to float shares.

1Q2021 is shaping up to be quite a quarter for fresh listings (if they go ahead, that is): Ghazl El Mahalla joins state-owned fintech firm E-Finance, NBFS player Ebtikar, and CI Capital’s education management subsidiary Taaleem, who have all expressed ambitions in making their debuts on the EGX during the next quarter.

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