{"id":546612,"date":"2022-05-23T04:00:57","date_gmt":"2022-05-23T04:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/unfavorable-market-conditions-put-fawrys-us-listing-on-hold\/"},"modified":"2022-05-23T04:00:57","modified_gmt":"2022-05-23T04:00:57","slug":"unfavorable-market-conditions-put-fawrys-us-listing-on-hold","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/unfavorable-market-conditions-put-fawrys-us-listing-on-hold\/","title":{"rendered":"Unfavorable market conditions put Fawry\u2019s US listing on hold"},"content":{"rendered":"

<\/a> Fawry has <\/strong>postponed plans to list its shares in the US<\/strong> due to the current sell-off in US tech stocks, a source at Fawry told Enterprise yesterday.<\/p>\n

Fawry <\/strong>had been<\/a><\/strong>exploring<\/a><\/strong> an SEC-registered secondary offering<\/strong> with plans to create an American depositary shares (ADS) program to allow it to list.<\/p>\n

Never say never:<\/strong> The company will \u201ccontinue to monitor market conditions,\u201d the source said, without disclosing where the company stands in its preparation for the IPO or when it might revisit the plans.<\/p>\n

US tech stocks are deep in bear territory:<\/strong> The tech-heavy Nasdaq has tumbled 30% from its November peak as rising interest rates and fears of an oncoming recession send investors fleeing growth stocks. Growth stocks don\u2019t usually pay out dividends, tend to have higher valuations and rely on future growth projections to attract investors, making them more vulnerable in an environment of rising interest rates.<\/p>\n

And volatility on the Nasdaq is a bit nuts right now, as Swvl can attest: <\/strong>The mass-transport app\u2019s stock was down 5% on Friday at USD 5.02 apiece \u2014 that\u2019s about 17% below its five-day peak. Swvl\u2019s shares are down 34% in the past month \u2014 after having soared about 137% in the period between 19 and 28 April.<\/p>\n

MEANWHILE- Fawry has already raised 99.9% of its EGP 800 mn capital increase<\/strong> through a rights issue to existing shareholders and will close the remainder today, the source told us. Fawry in January announced the capital increase, which will help expand its non-banking financial services offering, including plans to turn its MyFawry app into a super app. It follows a similar EGP 400 mn capital increase in June of last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fawry has postponed plans to list its shares in the US due to the current sell-off in US tech stocks, a source at Fawry told Enterprise yesterday. Fawry had beenexploring an SEC-registered secondary offering with plans to create an American depositary shares (ADS) program to allow it to list. Never say never: The company will […]<\/p>\n","protected":false},"author":1,"featured_media":546613,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7224],"tags":[102,72,519,78,120,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-enterpriseam","tag-fawry","tag-ipo-watch","tag-nasdaq","tag-us","wpautop","entry"],"acf":{"mongo_id":"eaa4c3de-2f02-4ac4-a365-d8dfed47bf5a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/297.jpg","photo_position":"above","related_issue":[546602],"teaser":"","voice_url":""},"yoast_head":"\nUnfavorable market conditions put Fawry\u2019s US listing on hold - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/unfavorable-market-conditions-put-fawrys-us-listing-on-hold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unfavorable market conditions put Fawry\u2019s US listing on hold\" \/>\n<meta property=\"og:description\" content=\"Fawry has postponed plans to list its shares in the US due to the current sell-off in US tech stocks, a source at Fawry told Enterprise yesterday. Fawry had beenexploring an SEC-registered secondary offering with plans to create an American depositary shares (ADS) program to allow it to list. 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Among the order\u2019s goals are preventing so-called \u201ckiller acquisitions\u201d designed to shut down competition, creating new regulations\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549492,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-us-tech-ipo-market-hasnt-been-doing-this-badly-since-the-1990s\/","url_meta":{"origin":546612,"position":1},"title":"The US tech IPO market hasn\u2019t been doing this badly since the 1990s","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"The US tech IPO market hasn\u2019t been doing this badly since the 1990s: The 2022 market sell-off is proving worse for US tech IPOs than either the 2008 financial crisis and the dot-com bust, according to Morgan Stanley research picked up by the Financial Times. 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The Egypt-born ride-hailing app is set to go public on the Nasdaq through its merger with US SPAC Queen\u2019s Gambit Growth Capital by the\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595915,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/14\/egypts-first-ipo-this-year-sees-shares-up-31-on-the-first-day-of-trading\/","url_meta":{"origin":546612,"position":3},"title":"Egypt\u2019s first IPO this year sees shares up 31% on the first day of trading","author":"enterpriseam admin","date":"14 August 2019","format":false,"excerpt":"IPO WATCH- Fawry IPO \u2015 the first this year \u2015 sees shares up 31% on the first day of trading: The IPO of e-payments platform Fawry got off to a good start on the first day of trading, with shares closing up 31.2% to EGP 8.48 per share on Thursday.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/782.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596864,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/10\/fawry-egypts-largest-ipo-since-emaar-on-the-horizon\/","url_meta":{"origin":546612,"position":4},"title":"Fawry, Egypt\u2019s largest IPO (since Emaar) on the horizon?","author":"enterpriseam admin","date":"10 July 2019","format":false,"excerpt":"IPO WATCH- Fawry to pull the trigger on Egypt\u2019s largest IPO (since Emaar) before Eid? E-payment platform Fawry will reportedly offer 45% of its shares in an initial public offering (IPO) on the EGX before Eid Al Adha in August, sources close to the matter told the domestic press. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Fawry-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596917,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/fawry-ipo-preparations-are-underway-but-date-size-has-yet-to-be-set\/","url_meta":{"origin":546612,"position":5},"title":"Fawry IPO preparations are underway, but date, size has yet to be set","author":"enterpriseam admin","date":"11 July 2019","format":false,"excerpt":"IPO WATCH- Fawry IPO preparations are underway, but no confirmation on date, size: Preparations for an initial public offering by e-payments platform Fawry are underway as shareholders are leaning towards a listing on the EGX, Fawry Managing Director Mohamed Okasha tells Arabic Reuters. That said, the size of the IPO\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546612"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546612\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546613"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546612"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546612"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}