B Investments retail tranche offering 84.4x oversubscribed

IPO WATCH- The retail tranche of B Investment’s initial public offering was 84.4x oversubscribed when bookbuilding concluded at the close of yesterday’s session, Youm7 reports. BPE Holding for Financial Investments (better known as B Investments) is hoping to raise EGP 460 mn from the sale of 43 mn shares, good for a free float of about 27% (retail offering of 5,000,000 shares and private placement of 38,131,554 shares). The company will use the proceeds to fund investments in renewable energy and non-banking financial services. B Investments is expected to begin trading on the EGX on 29 March. Sigma Capital is the sole coordinator and bookrunner, while Zaki Hashem & Partners are acting as legal counsel to the issuer.