{"id":555900,"date":"2021-10-03T04:14:18","date_gmt":"2021-10-03T04:14:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/03\/e-finance-could-fetch-egp-3-6-bn-in-upcoming-ipo-trading-to-start-18-october\/"},"modified":"2021-10-03T04:14:18","modified_gmt":"2021-10-03T04:14:18","slug":"e-finance-could-fetch-egp-3-6-bn-in-upcoming-ipo-trading-to-start-18-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/03\/e-finance-could-fetch-egp-3-6-bn-in-upcoming-ipo-trading-to-start-18-october\/","title":{"rendered":"E-Finance could fetch EGP 3.6 bn in upcoming IPO, trading to start 18 October"},"content":{"rendered":"

<\/a> State-owned fintech firm E-Finance is looking <\/strong>to raise up to EGP 3.6 bn (USD 229.2 <\/strong>mn)<\/strong><\/sup> from its upcoming IPO<\/strong> in what would be the biggest offering on the EGX in years<\/sup>. The company has set an indicative price range of EGP 12.50-13.98 per share, according to a<\/a>statement (pdf)<\/a><\/sup> on Thursday, valuing the company at up to EGP 22.37 bn (USD 1.42 bn)<\/sup>.<\/p>\n

The sale:<\/strong> E-Finance will offer almost 258 mn shares to the public, 80 mn of which will be sold by existing shareholders and 177.8 mn will be new shares offered as part of a capital increase. The sale represents a 14.5% stake in the company; expect to learn more about the split between institutional and retail shareholders when the company prices the offering.<\/p>\n

The timeline:<\/strong> Bookbuilding should finish on 9 October after which the company will announce the final IPO price. The retail offering will run from 6 October to 13 October. Trading will begin on 18 October. <\/strong><\/sup><\/sup><\/p>\n

Regulator gives the all-clear:<\/strong> The Financial Regulatory Authority gave it final sign-off for the sale in September, the statement said.<\/p>\n

The financials:<\/strong> The digital payments firm recorded net earnings of EGP 352 mn in 2020, up 30% from 2019, according to figures included in its intention to float. Its top line, meanwhile, grew to EGP 1.2 bn last year, good for a 2018-2020 CAGR of 30%; profits grew at a CAGR of just over 41% in the same period. The company looks set to beat that growth rate again this year if its 2021 figures are anything to go by, reporting EGP 276 mn in net earnings in 1H2021 on EGP 904 mn in revenues.<\/p>\n

Future plans:<\/strong> The proceeds of the IPO will be used to fund the company\u2019s expansion, including in its tax services business E-Tax and a newly-formed digital health services platform E-Health, Chairman Ibrahim Sarhan told us last week<\/a><\/p>\n

Advisors:<\/strong> Renaissance Capital, CI Capital and Al Ahly Pharos are quarterbacking the transaction as co-lead managers. NI Capital is acting as the IPO advisor for the listing. Zaki Hashem & Partners has been appointed as counsel to e-Finance, while Norton Rose Fulbright is acting as US counsel to the co-lead managers. Inktank is the investor relations advisor.<\/p>\n

A litmus test:<\/strong> Other companies readying themselves to go public on the EGX will be watching E-Finance\u2019s IPO closely. Ebtikar<\/a> has said it could make its debut this quarter while Macro Group<\/a>, which postponed its IPO in April, is also waiting in the wings. EGX boss Mohamed Farid had expected 5-6 IPOs this year, after delays in 2020 thanks to the pandemic.<\/p>\n

This will be the EGX\u2019s second IPO of 2021<\/strong>, following higher education outfit Taaleem\u2019s debut<\/a> in April. LSE-listed healthcare player IDH<\/a> also completed a technical listing, transferring 5% of its shares from London to the EGX in May.<\/p>\n","protected":false},"excerpt":{"rendered":"

State-owned fintech firm E-Finance is looking to raise up to EGP 3.6 bn (USD 229.2 mn) from its upcoming IPO in what would be the biggest offering on the EGX in years. The company has set an indicative price range of EGP 12.50-13.98 per share, according to astatement (pdf) on Thursday, valuing the company at […]<\/p>\n","protected":false},"author":1,"featured_media":555901,"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":[339,68,72,183,78],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-e-finance","tag-egx","tag-enterpriseam","tag-fintech","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"d4089344-1422-476a-b9e7-0be0ec82d9cf","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/23.jpg","photo_position":"above","related_issue":[555896],"teaser":"","voice_url":""},"yoast_head":"\nE-Finance could fetch EGP 3.6 bn in upcoming IPO, trading to start 18 October - 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\/2021\/10\/03\/e-finance-could-fetch-egp-3-6-bn-in-upcoming-ipo-trading-to-start-18-october\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E-Finance could fetch EGP 3.6 bn in upcoming IPO, trading to start 18 October\" \/>\n<meta property=\"og:description\" content=\"State-owned fintech firm E-Finance is looking to raise up to EGP 3.6 bn (USD 229.2 mn) from its upcoming IPO in what would be the biggest offering on the EGX in years. 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The bankers quarterbacking the transaction have yet to release official figures, but you\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\/190.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556112,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/12\/e-finance-ups-its-share-offering-to-26-1\/","url_meta":{"origin":555900,"position":3},"title":"e-Finance ups its share offering to 26.1%","author":"enterpriseam admin","date":"12 October 2021","format":false,"excerpt":"State-owned fintech firm e-Finance raised the size of its offering to 26.1% from 16.1%, the Financial Regulatory Authority (FRA) said in a statement (pdf). The company raised the size of offering to institutional investors to 23.5% after demand amid very strong demand from fund and portfolio managers, one of 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\/2021\/10\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553863,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/","url_meta":{"origin":555900,"position":4},"title":"Abu Qir raises EGP 2.25 bn in secondary offering","author":"enterpriseam admin","date":"12 December 2021","format":false,"excerpt":"Abu Qir Fertilizers completed the sale of 10% of its shares for EGP 2.25 bn (c. USD 143 mn), according to a statement published on the bourse (pdf) on Thursday. The company\u2019s long-awaited secondary offering on the EGX was priced at EGP 17.80 per share, valuing Abu Qir at EGP\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555456,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/e-finance-profits-fall-15-in-3q2021\/","url_meta":{"origin":555900,"position":5},"title":"e-Finance profits fall 15% in 3Q2021","author":"enterpriseam admin","date":"15 November 2021","format":false,"excerpt":"e-Finance saw its net income dip 20% y-o-y in 3Q2021 to EGP 99.3 mn, according to the company\u2019s first quarterly financials (pdf) as a publicly traded company. Revenues rose around 25% y-o-y during the quarter to EGP 395.2 mn. On a nine-month basis, net income rose 35% y-o-y to EGP\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"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\/555900","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=555900"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555900\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555901"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555900"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555900"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}