Bonyan shares make their EGX debut tomorrow, with the REIT-like company’s stock opening at EGP 4.96, according to a notice from the exchange — confirming EnterpriseAM’s earlier report.

Bonyan priced its IPO at the lower end of its range suggesting plenty of upside for buyers given the independent financial advisor said a fair value looks more like EGP 7.52.

The company’s entrance onto the EGX marks the only proper IPO of the year — and it’s the first pure-play real estate operating company to list on the exchange.

Expanded trading band for its debut: The stock will be allowed to move up or down by 40% on its first day of trading, twice the market’s standard limit, with no circuitbreakers in place to stop its rise or fall. From the second session onward, Bonyan stock will be subject to the same trading rules as any other share.

The issuer debuted a total of 363 mn shares: Bonyan raised EGP 1.8 bn by offering 344.8 mn shares in a private placement to institutional investors, in addition to 18.1 mn shares in a public offering to retail investors. Both offerings were heavily oversubscribed.

ADVISORS- CI Capital and Arqaam Capital are quarterbacking the transaction, while Mubasher is the offering agent. Matouk Bassiouny & Hennawy is serving as counsel, Baker Tilly is independent financial advisor, and PwC is auditor.

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