{"id":619155,"date":"2024-04-28T00:00:00","date_gmt":"2024-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/act-financial-gets-egx-approval-for-ipo-in-2q-2024\/"},"modified":"2024-04-28T00:00:00","modified_gmt":"2024-04-28T00:00:00","slug":"act-financial-gets-egx-approval-for-ipo-in-2q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/act-financial-gets-egx-approval-for-ipo-in-2q-2024\/","title":{"rendered":"Act Financial gets EGX approval for IPO in 2Q 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Act Financial gets the green light to list on the EGX:<\/strong> Investment management firm Act Financial is closing in on its long-awaited initial public offering on the EGX and expects to start trading its shares within two months, after obtaining approval from the EGX, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1903.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the company yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What stake size are we talking?<\/strong> The company will be out with details of the upcoming IPO as soon as it works to finalize listing on the EGX in 2Q 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No exit:<\/strong> Act Financial aims to raise the whole amount through a capital increase, without the exit of any existing shareholders, the statement added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the fresh funds will go: <\/strong>Of the proceeds \u2014 which are expected to reach EGP 1 bn, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c059f85c-3a65-42fb-8ec3-c873838e83fc\/%253cmark%253eact%253c%2Fmark%253e%253cmark%253e-financial%253c%2Fmark%253e-to-raise-egp-1-bn-in-its-upcoming-ipo\" style=\"\" rel=\"noopener\">unconfirmed media reports<\/a> last month \u2014 75% will go into acquiring stakes in EGX-listed companies, while 20% will finance the registration of new SMEs on the bourse, Al Mal reports, citing what it says are sources in the know. The remaining 5% will go into restarting its subsidiaries in securities trading and asset management.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Retail investors will get 25% of the offering<\/strong>, while institutional investors will get 75%, the sources added to Al Mal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThis has been our vision and dream since starting Act almost a decade ago in 2015,\u201d said CEO Bassem Azab. \u201cThe IPO will not only mark a new chapter in our journey but also provide us with the necessary resources to capitalize on our pipeline of opportunities. This will allow us to grow and expand, further solidifying our position as a key player in the investment scene.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The advisors: <\/strong>Investment bank Zilla Capital and law firm Matouk Bassiouny have been tapped as consultants on the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>We first caught wind of Act\u2019s IPO plans back in 2022, when Managing Partner and Co-Founder Mostafa Abdel Aziz told us that the investment firm is aiming to offer up to a 40% stake on the EGX. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investment firm expects to start trading its shares within two months.<\/p>\n","protected":false},"author":1,"featured_media":619156,"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":[543,68,72,78,1474],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-act-financial","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-zilla-capital","wpautop","entry"],"acf":{"mongo_id":"78190991-2ee3-4ed5-bcce-60e898351d57","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2679.jpg","photo_position":"above","homepage_title":"IPO: Act Financial gets EGX approval","full_issue_title":"Act Financial gets EGX approval for IPO in 2Q 2024","related_issue":[619148],"teaser":"The investment firm expects to start trading its shares within two months.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.2e2d7363-ad43-4cd1-873f-115a64f7e1c4.mp3"},"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>Act Financial gets EGX approval for IPO in 2Q 2024 - 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\/2024\/04\/28\/act-financial-gets-egx-approval-for-ipo-in-2q-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Act 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/242.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542805,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/nahr-elkhair-shares-could-begin-trading-on-the-egx-this-week-omran\/","url_meta":{"origin":619155,"position":4},"title":"Nahr Elkhair shares could begin trading on the EGX this week -Omran","author":"enterpriseam admin","date":"18 January 2022","format":false,"excerpt":"IPO WATCH- Nahr Elkhair Development and Investment\u2019s shares could begin trading on the EGX this week, Al Borsa quoted Financial Regulatory Authority chief Mohamed Omran as saying at a presser yesterday. The company will offer shares to investors at EGP 0.25 a piece and is valuing itself at EGP 500\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635110,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/the-retail-tranche-of-act-financials-ipo-was-54-8x-oversubscribed\/","url_meta":{"origin":619155,"position":5},"title":"The retail tranche of Act Financial\u2019s IPO was 54.8x oversubscribed","author":"enterpriseam admin","date":"24 July 2024","format":false,"excerpt":"Some 26k subscribers participated in the retail tranche of the offering","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1898.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\/619155","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=619155"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619155\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619156"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619155"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619155"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}