{"id":548961,"date":"2022-08-29T04:00:02","date_gmt":"2022-08-29T04:00:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/29\/ghazl-el-mahallas-micro-ipo-misfires-in-extra-time\/"},"modified":"2022-08-29T04:00:02","modified_gmt":"2022-08-29T04:00:02","slug":"ghazl-el-mahallas-micro-ipo-misfires-in-extra-time","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/29\/ghazl-el-mahallas-micro-ipo-misfires-in-extra-time\/","title":{"rendered":"Ghazl El Mahalla\u2019s micro-IPO misfires in extra time"},"content":{"rendered":"

<\/a> Retail investors put in <\/strong>orders for just 18% of the shares made available to <\/strong>the public in Ghazl El Mahalla FC\u2019s mico-IPO<\/strong> when the subscription period ended yesterday after multiple extensions. That means the football club will not be making its debut on the EGX as planned. By market close yesterday, Ghazl El Mahalla had received bids for 17.6 mn of the 98 mn shares up for grabs in the IPO\u2019s retail portion, according to an EGX bulletin<\/a>.<\/p>\n

Refresher:<\/strong> Ghazl El Mahalla was seeking to raise EGP 135 mn by selling a 67.5% stake in the EGX. The club raised EGP 37 mn<\/a> during the institutional component of the offering in November and had looked to sell 98 mn shares at EGP 1.02 each in the retail portion of the IPO, which had been set to wrap at the start of July but was extended twice<\/a> due to weak investor interest.<\/p>\n

What happens now?<\/strong> In the event that the public portion of the offering wasn\u2019t fully covered, bidders would have one week to decide whether they want their money refunded or if they\u2019d like to remain as private shareholders until the company eventually gets listed, Mohamed Maher, CEO of bookrunner Prime Holdings, told us when we spoke to him recently. The firm plans to wait until mid-2023 before they restart the listing process, he said. \u201cWe may change our strategy next time and include a strategic investor,\u201d Maher said. Prime did not return requests for comment yesteday.<\/p>\n

It\u2019s a challenging time for new listings:<\/strong> Inflationary pressures, rising interest rates, and a downturn in global markets have all contributed to a steep decline in the EGX 30 this year. Banque du Caire<\/a> and Aman<\/a> have both postponed plans to sell shares on the bourse amid a downturn which has left the benchmark index down 15.6% from its recent peak in January.<\/p>\n

Don\u2019t let the size fool you:<\/strong> Although tiny, the IPO\u2019s significance was in the fact that it could have encouraged other clubs (namely Al Ahly<\/a>) to follow suit and go public.<\/p>\n","protected":false},"excerpt":{"rendered":"

Retail investors put in orders for just 18% of the shares made available to the public in Ghazl El Mahalla FC\u2019s mico-IPO when the subscription period ended yesterday after multiple extensions. That means the football club will not be making its debut on the EGX as planned. By market close yesterday, Ghazl El Mahalla had […]<\/p>\n","protected":false},"author":1,"featured_media":548962,"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":[68,72,9093,78,976],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-egx","tag-enterpriseam","tag-ghazl-el-mahalla","tag-ipo-watch","tag-prime-holding","wpautop","entry"],"acf":{"mongo_id":"8bf3e0e2-6738-4499-bbf6-9d58c11f317f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/425.jpg","photo_position":"above","related_issue":[548955],"teaser":"","voice_url":""},"yoast_head":"\nGhazl El Mahalla\u2019s micro-IPO misfires in extra time - 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\/08\/29\/ghazl-el-mahallas-micro-ipo-misfires-in-extra-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghazl El Mahalla\u2019s micro-IPO misfires in extra time\" \/>\n<meta property=\"og:description\" content=\"Retail investors put in orders for just 18% of the shares made available to the public in Ghazl El Mahalla FC\u2019s mico-IPO when the subscription period ended yesterday after multiple extensions. 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The club has set its share price at EGP 1.02, and investors buying in must purchase between 1k and 2 mn\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\/6\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547663,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/ghazl-el-mahalla-ipo-could-be-extended\/","url_meta":{"origin":548961,"position":1},"title":"Ghazl El Mahalla IPO could be extended","author":"enterpriseam admin","date":"3 July 2022","format":false,"excerpt":"Subscription to the retail offering in Ghazl El Mahalla\u2019s IPO has been extended until 13 August due to weak investor demand for the football club\u2019s shares, Al Borsa reports. The club was originally expected to wrap up the retail component of the IPO on 1 July but has given investors\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\/7\/82.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562874,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/","url_meta":{"origin":548961,"position":2},"title":"Ghazl El Mahalla FC could move ahead with its IPO in 2 months","author":"enterpriseam admin","date":"9 June 2021","format":false,"excerpt":"Ghazl El Mahalla\u2019s IPO could go to market in the next two months as the club finalizes procedures with the Financial Regulatory Authority (FRA) ahead of the sale, according to Prime Securities, which is quarterbacking the transaction, Al Mal reports.The football club has priced its IPO at EGP 1 per\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\/2021\/6\/132.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548593,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/ghazl-el-mahalla-has-another-two-weeks-to-land-its-micro-ipo\/","url_meta":{"origin":548961,"position":3},"title":"Ghazl El Mahalla has another two weeks to land its micro-IPO","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"The retail component of Ghazl El Mahalla\u2019s IPO has been extended for another two weeks until 28 August due to weak investor demand, according to an EGXbulletin. Subscription was supposed to close yesterday, but the football club has so far only received bids for around 22% of the shares allocated\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\/8\/246.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554202,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/ghazl-el-mahalla-kicks-off-institutional-subscription\/","url_meta":{"origin":548961,"position":4},"title":"Ghazl el Mahalla kicks off institutional subscription","author":"enterpriseam admin","date":"23 December 2021","format":false,"excerpt":"The institutional subscription for Ghazl El Mahalla\u2019s micro-IPO will be completed by the end of the week, the Public Enterprises Ministry said in a statement (pdf). Bookrunner Prime Holding is expected to finish the placement of at least EGP 37 mn worth of shares with institutional investors this week, while\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/471.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556475,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/","url_meta":{"origin":548961,"position":5},"title":"Ghazl El Mahalla FC lines up EGX\u2019s second IPO this quarter","author":"enterpriseam admin","date":"27 October 2021","format":false,"excerpt":"Two IPOs on the EGX in as many months? State-owned sports club Ghazl El Mahalla could debut on the EGX in November, a month after fintech firm e-Finance completed the exchange\u2019s largest IPO in six years, according to Masrawy, citing the head of bookrunner Prime Holding. Prime\u2019s investment banking arm\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\/2021\/10\/288.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548961","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=548961"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548961\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548955"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548962"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548961"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548961"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}