Korra Energi opens the subscription window for highly-anticipated IPO

Energy solutions firm Korra Energi is looking to raise up to EGP 735 mn by going public, by our math. The listing will offer up 11% of the company — represented in 247.5 mn shares — at EGP 2.97 apiece to institutional investors starting today and retail investors a day later, the company said in its IPO prospectus (pdf). The independent financial advisor had valued the stock at EGP 3.20 a pop.

Institutional investors will be able to snap up 60% of the shares on offer until the institutional subscription round closes on 24 May. Institutional investors will be able to acquire a minimum of 5 mn shares, while high-net-worth individuals can subscribe to a minimum of 2 mn shares.

What about retail investors? They will have until 25 May to put in their offers — of no less than 1k shares and no more than 2 mn — for the remaining 40% of shares on offer.

This marks the EGX’s second private-sector IPO of the year, following Gourmet’s IPO back in February. The move signals that local equity markets are decoupling from the regional war as firms look past the macro volatility to fund growth.

To get a sense of investor appetite amid the current wave of uncertainty we’ll be closely watching the demand for the IPO, and after that how shares perform when trading kicks off.

Behind the scenes: Offering manager Prime Holding’s CEO Yasser Shahin and Korra Energi CEO Ayman Korra let us in on the company’s plans for the offering proceeds last week. Check out the main takeaways from our conversation here.

A long, long time coming: The IPO has been on our radar for years now — the bourse approved the temporary listing of Korra’s shares back in December 2024, at the time the company said it intended to float 20% by 1H 2025.

Advisors: Prime Holding is leading the IPO as offering manager, El Sherif Law Firm & Consultants is serving as counsel, and Baker Tilly is acting as the independent financial advisor.