{"id":612115,"date":"2023-12-18T00:00:00","date_gmt":"2023-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/18\/raya-it-aims-to-make-egx-debut-next-year\/"},"modified":"2023-12-18T00:00:00","modified_gmt":"2023-12-18T00:00:00","slug":"raya-it-aims-to-make-egx-debut-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/18\/raya-it-aims-to-make-egx-debut-next-year\/","title":{"rendered":"Raya IT aims to make EGX debut next year"},"content":{"rendered":"

Raya IT is coming to the EGX<\/strong>:<\/strong> Raya Holding plans to offer 30-35% of its IT arm Raya Information Technology on the EGX in 1H 2024, it said yesterday in a statement<\/a>(pdf)<\/a>. The company has finished all of the necessary listing requirements and tapped our friends at EFG Hermes to quarterback the transaction. Raya Holding CFO Hossam Hussein told us that the company is not ready to talk about how much it hopes to raise from the take.<\/p>\n

Raya Holding will maintain majority ownership of its IT unit<\/strong>, remaining \u201cthe main shareholder and manager of the company's future strategies and prospects,\u201d Hussein said. The company is penciling in 30% revenue growth for 2024 and will deliver a top line of more than EGP 5 bn this year. Raya IT accounted for about 21% of Raya Holding\u2019s total revenues in 9M 2023, by our math. <\/p>\n

Transaction structure: <\/strong>The IPO could see investors offered the chance to buy a mix of both new shares via a capital increase as well as a secondary component. <\/p>\n

Raya is actively screening for ways to grow: <\/strong>Raya IT has a lot of dry powder \u201cready for allocation to potential acquisitions and inorganic growth initiatives,\u201d the CFO said, explaining that the company is eyeing potential acquisitions that would \u201cadd value to its portfolio of services, especially in the IT outsourcing and technical system integration projects.\u201d The company also plans to ramp up sales in Saudi Arabia. It also operates in the UAE.<\/p>\n

R<\/strong>aya has another IPO brewing:<\/strong> Raya Holding\u2019s non-banking financial services outfit, Aman Financial Services,is \u201cwaiting for the right time\u201d to go public, Hussein said, adding that the long-awaited IPO won\u2019t happen before 2H 2024. Aman had signaled it would make its market debut<\/a> this year after its IPO plans were pushed back from 2022. <\/p>\n","protected":false},"excerpt":{"rendered":"

Aman Financial Services is \u201cwaiting for the right time\u201d to go public<\/p>\n","protected":false},"author":1,"featured_media":612116,"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":[68,72,78,614,7142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-raya-holding","tag-raya-it","wpautop","entry"],"acf":{"mongo_id":"4828da19-8d9b-4a74-a0c3-28dac99c0258","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1156.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Raya IT aims to make EGX debut in 1H 2024","related_issue":[612110],"teaser":"Aman Financial Services is \u201cwaiting for the right time\u201d to go public","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.7b30186e-b94a-47ba-9faf-9b24cf3bfa04.mp3"},"yoast_head":"\nRaya IT aims to make EGX debut next year - 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