Korra Energi’s 11% IPO ends EGX’s wait-and-see

Energy solutions firm Korra Energi is moving to break the wait-and-see mood in the IPO market by floating 11% of its shares on the EGX, Prime Holding CEO Yasser Shahin tells EnterpriseAM. Korra’s IPO will be managed by Prime Capital, and it marks the second private-sector entry into the main market this year following the blockbuster Gourmet IPO.

The bourse approved the temporary listing of Korra’s shares back in December 2024, with a paid-in capital of EGP 450 mn distributed over 2.25 bn shares. A week later, the company said it intended to float 20% by 1H 2025.

Why 11% and not 20%? “The founding family preferred to retain a controlling 89% stake rather than selling a larger portion now,” Korra Energi Vice Chairman Heba Korra tells us. “We are not seizing [a chance] to exit; we are floating a stake to fund expansion because we believe the share value will double in the future thanks to our upcoming projects.”

The breakdown: The 11% stake (c. 247.5 mn shares) will be split between a private placement for institutions (60%) and a public offering for retail investors (40%).

The proceeds will fund a capital increase to fuel regional growth. Korra has already opened branches in Saudi Arabia and Iraq and is planning to enter three new African markets, founder and CEO Ayman Korra tells us, though he did not disclose the expected total from the sale.

When will Korra IPO? “We are in the final stages of meeting FRA requirements, and we expect to begin immediately after the Eid El Adha holiday,” Shahin says.

By the numbers: Korra’s revenues jumped from EGP 1.6 bn in 2022 to EGP 7.9 bn in 2025 and the company is targeting EGP 17.6 bn by 2030, Ayman Korra says, noting that the firm recorded a net income of EGP 554 mn in 2025 alone.

More in store for Prime: A successful Korra IPO would provide a major tailwind for Prime’s plans to float two additional companies before year-end, Shahin says, adding it would also confirm that sustainable energy and energy efficiency have become a safe haven for investors seeking growth.