{"id":562946,"date":"2021-06-13T03:52:10","date_gmt":"2021-06-13T03:52:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/a-deadline-for-companies-that-havent-pulled-the-trigger-on-their-ipos\/"},"modified":"2021-06-13T03:52:10","modified_gmt":"2021-06-13T03:52:10","slug":"a-deadline-for-companies-that-havent-pulled-the-trigger-on-their-ipos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/a-deadline-for-companies-that-havent-pulled-the-trigger-on-their-ipos\/","title":{"rendered":"A deadline for companies that haven\u2019t pulled the trigger on their IPOs"},"content":{"rendered":"<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>BdC is one of at least four companies that now face a year-end deadline to go public. <\/strong>The news comes after the Financial Regulatory Authority <a href=\"https:\/\/ent.news\/2021\/6\/FRA-decision-1.pdf\">decided (pdf)<\/a> to again extend deadlines for companies to complete their IPOs. Failing to pull the trigger on their IPOs by 31 December would likely mean they would have to start the approval cycle from scratch.<\/p>\n<p><strong>Banque du Caire is the most high-profile example of a company that got the green light <\/strong><strong>to IPO<\/strong> and then shelved plans after listing its shares. In an Egyptian IPO, a company with regulatory approval to go ahead with a first-ever offering of equity is generally required to list its shares before the offering is priced and trading is allowed to begin. Weeks can pass between the time shares are listed and the start of trading, and more than one IPO has been shelved in that interval thanks to changes in market conditions.<\/p>\n<p><strong>Who\u2019s affected?<\/strong> Though the FRA statement did not name names, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-regulator-tells-banque-du-caire-others-ipo-this-year-2021-06-10\/\">Reuters<\/a> says sources at the EGX told it the decision covers Banque du Caire (BdC), Sky Light Touristic Development, New Castle Sports Investment and City Trade Securities and Brokerage, all of whom have yet to offer shares for sale, and all of whom have previously gotten extensions.<\/p>\n<p><strong>The new date is an extension of previous deadlines:<\/strong> The FRA had granted BdC and the three other companies a <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/01\/listed-egyptian-companies-yet-to-ipo-have-until-31-march-to-hit-the-exchange\/\">six-month grace period<\/a> ending on 31 March 2020, to complete their IPOs, before extending the deadline to <a href=\"https:\/\/bit.ly\/3cCbGVR\">December 2020<\/a> at the height of the covid market turmoil in March of last year. This was then extended for another six months until <a href=\"https:\/\/gate.ahram.org.eg\/News\/2551342.aspx\">30 June<\/a> this year.<\/p>\n<p><strong>The four companies must also submit a timeline for their planned IPOs by 30 September<\/strong>, the FRA statement said.<\/p>\n<p><strong>This is a deadline in the loosest sense of the word: <\/strong>The deadline could be extended further if the listed companies don\u2019t manage to meet the set date due to market conditions or other barriers, a source close to the matter told us.<\/p>\n<p><strong>BdC <\/strong><strong>has not yet decided on the size, time or pricing of its offering<\/strong>, the source told us, adding that these details would be decided by market conditions closer to the date.<\/p>\n<p><strong>BdC, Egypt\u2019s third largest state-owned bank, was aiming to raise some USD 500 mn through its IPO<\/strong>, which was expected to be the country\u2019s biggest sale of state assets since 2006. The bank had <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/24\/banque-du-caire-ipo-timed-for-2018\/\">planned to list on the EGX back in 2017<\/a>. That offering was postponed, and the bank later was aiming to offer 20-30% of its shares on the exchange in April 2020, but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a415199c-879d-44cc-9c9d-2db535e12dac\">postponed its IPO to the end of 2021<\/a> due to the market instability that followed the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BdC is one of at least four companies that now face a year-end deadline to go public. The news comes after the Financial Regulatory Authority decided (pdf) to again extend deadlines for companies to complete their IPOs. Failing to pull the trigger on their IPOs by 31 December would likely mean they would have to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":562947,"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":[726,68,72,76,78,4057,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-banque-du-caire","tag-egx","tag-enterpriseam","tag-financial-regulatory-authority","tag-ipo-watch","tag-new-castle-for-investment-sports","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"9042bc58-543e-4716-8a87-3f2e8b2c7bf6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/167.jpg","photo_position":"above","related_issue":[562939],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A deadline for companies that haven\u2019t pulled the trigger on their IPOs - 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\/06\/13\/a-deadline-for-companies-that-havent-pulled-the-trigger-on-their-ipos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A deadline for companies that haven\u2019t pulled the trigger on their IPOs\" \/>\n<meta property=\"og:description\" content=\"BdC is one of at least four companies that now face a year-end deadline to go public. 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The extension pushes\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":593517,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/listed-egyptian-companies-yet-to-ipo-have-until-31-march-to-hit-the-exchange\/","url_meta":{"origin":562946,"position":1},"title":"Listed Egyptian companies yet to IPO have until 31 March to hit the exchange","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"IPO WATCH- BdC and three other companies have six months to complete their IPOs: The Financial Regulatory Authority (FRA) has reportedly given four companies, including state-owned Banque du Caire, a six-month grace period to complete their initial public offerings, according to a copy of the decision picked up by the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636186,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/26\/ipo-watch-banque-du-caire-will-ipo-in-4q2018\/","url_meta":{"origin":562946,"position":2},"title":"IPO WATCH- Banque Du Caire will IPO in 4Q2018","author":"enterpriseam admin","date":"26 December 2017","format":false,"excerpt":"IPO WATCH- Banque Du Caire will IPO in 4Q2018: The IPO of Banque Du Caire is expected to take place in 4Q2018, said EFG Hermes Co-Head of Investment Banking Mustafa Gad in a presser held by the company on Sunday. He added that it was unlikely that the sale of\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":595077,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/egypt-expects-several-ipos-by-year-end\/","url_meta":{"origin":562946,"position":3},"title":"Egypt expects several IPOs by year-end","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"IPO WATCH - Pharma company looking to make EGX debut this year: One private pharma company worth more than USD 61 mn is planning to offer shares on the stock market by year\u2019s end, Sayed Abdel Fadeel, head of the Financial Regulatory Authority\u2019s corporate finance department, told Reuters without naming\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592829,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/banque-du-caire-to-ipo-1q2020\/","url_meta":{"origin":562946,"position":4},"title":"Banque du Caire to IPO 1Q2020","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"IPO WATCH- Banque du Caire to IPO 1Q2010 -Amer: Banque du Caire (BdC) will go ahead with its anticipated IPO in the first quarter of next year, Central Bank of Egypt Governor Tarek Amer said on the sidelines of a startup competition yesterday, according to Al Mal. BdC Chairman Tarek\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":596212,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/egypts-state-owned-banque-du-caire-to-go-public-late-2019-or-early-2020\/","url_meta":{"origin":562946,"position":5},"title":"Egypt\u2019s state-owned Banque du Caire to go public late 2019 or early 2020","author":"enterpriseam admin","date":"21 August 2019","format":false,"excerpt":"IPO WATCH- BdC could go public before the end of the year: State-owned Banque du Caire will go ahead with its anticipated initial public offering by the end of 2019 or early 2020, Chairman Tarek Fayed told reporters yesterday, according to Reuters\u2019 Arabic service. There remain a few hurdles left\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/771.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\/562946","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=562946"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562946\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562939"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562947"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562946"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562946"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}