AT Lease shares begin trading on the EGX

IPO WATCH- Al Tawfik Leasing Co. (AT Lease) shares officially start trading on the EGX today, making it the single company of its kind to be listed on the Egyptian bourse. The final price was set at EGP 6.6 per share. AT Lease’s institutional offering, valued at EGP 95.04 mn for 14.4 mn shares, was 40.16x oversubscribed, sole coordinator and bookrunner Pharos Holding said in a press release (pdf), “with a total of EGP 3.8 bn orders received from Egyptian financial institutions, investment funds, and HNWI.” The retail tranche of 4.8 mn shares was covered 28x and valued at EGP 31.68 mn, with EGP 887 mn-worth of orders received. AT Lease listed 24% of its shares on the EGX in order to expand its shareholder base, “provide an orderly and fair mechanism of new shareholders’ exit and entry through the capital market, and diversify funding sources for the purpose of cost and risk reduction,” Deputy Chairman and Managing Director Tarek Fahmy said.