{"id":623790,"date":"2024-06-11T00:00:00","date_gmt":"2024-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/11\/everything-you-need-to-know-about-act-financial-long-awaited-ipo-next-month\/"},"modified":"2024-06-11T00:00:00","modified_gmt":"2024-06-11T00:00:00","slug":"everything-you-need-to-know-about-act-financial-long-awaited-ipo-next-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/11\/everything-you-need-to-know-about-act-financial-long-awaited-ipo-next-month\/","title":{"rendered":"Everything you need to know about Act Financial long-awaited IPO next month"},"content":{"rendered":"

Act Financial's<\/strong> IPO goes live next month:<\/strong> Investment management firm Act Financial will proceed with its long-awaited IPO on the EGX in July, offering some 32% of the company\u2019s shares following a capital increase, according to the IPO prospectus published on the EGX yesterday. The subscription period for retail investors will take place between 9-23 July and institutional investors will get a chance to subscribe between 9-18 July.<\/p>\n

The breakdown:<\/strong> The current shareholders won\u2019t exit any of its existing shares for the IPO, but will instead increase the company\u2019s capital to EGP 281.4 mn, up from EGP 191.4 bn, by issuing 360 mn new shares, on top of the company\u2019s current 765.7 mn shares. The new shares will be divided into 300 mn shares for institutional investors and 60 mn for retail investors. The company aims to raise around EGP 1.04 bn through the offering.<\/p>\n

Act thinks it has got an offer that will tempt many investors:<\/strong> The company has set the IPO price at EGP 2.90 a piece, a 36% markdown from the fair value price set at EGP 4.54 per share. The sizable markdown from the fair value was due to an extra 20% reduction that the company decided to throw in to \u201cencourage the market\u201d to pile into the offering, since the IPO market in Egypt hasn\u2019t seen offerings for a while now, Managing Partner Mostafa Abdel Aziz told Al Arabiya Business in an interview (watch, runtime: 6:30<\/a>).<\/p>\n

Where\u2019s the money going?<\/strong> The offering\u2019s entire proceeds will be used to acquire \u201csignificant minorities in listed companies,\u201d said Abdel Aziz.<\/p>\n

It\u2019s all about the timing:<\/strong> Since the local market hasn\u2019t seen much IPO activity for a while now, traders and investors are laying in wait to jump on promising prospects, Abdel Aziz said. The offering is expected to perform strongly and \u201cwe\u2019re looking to set a successful example with this offering,\u201d Abdel Aziz added.<\/p>\n

Remember:<\/strong> We first caught wind<\/a> of Act\u2019s IPO plans back in 2022, when Abdel Aziz told us that the investment firm is aiming to offer up to a 40% stake on the EGX in early 2023.<\/p>\n

Advisors: <\/strong>Zilla Capital will manage the IPO, Matouk Bassiouny & Hennawy will act as the company\u2019s legal advisor, Baker Tilly will provide auditing services, and Financial Advice Corporate Transactions will be the independent financial advisor to the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company will offer additional 360 mn shares at EGP 2.90 a piece, with a 36% markdown from their fair value<\/p>\n","protected":false},"author":1,"featured_media":623791,"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":[543,430,68,72,78,1474],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-act-financial","tag-arab-african-international-bank","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-zilla-capital","wpautop","entry"],"acf":{"mongo_id":"b9540e6d-8c1a-453f-9a7d-8ca7f28e78b3","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/953.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Everything you need to know about Act Financial long-awaited IPO next month","related_issue":[623777],"teaser":"The company will offer additional 360 mn shares at EGP 2.90 a piece, with a 36% markdown from their fair value","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.ed9b60fa-667b-4c80-ac69-08b425b4fd7a.mp3"},"yoast_head":"\nEverything you need to know about Act Financial long-awaited IPO next month - 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The company will offer shares to investors at EGP 0.25 a piece and is valuing itself at EGP 500\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546011,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/20\/galina-plans-egp-500-mn-private-placement-could-resurrect-ipo\/","url_meta":{"origin":623790,"position":3},"title":"Galina plans EGP 500 mn private placement, could resurrect IPO","author":"enterpriseam admin","date":"20 April 2022","format":false,"excerpt":"Galina could revive its IPO plans: Agrifood player Galina Holding could go ahead with a public share sale on the EGX this year, Chairman Abdel Wahed Soliman told Enterprise, confirming a report that first appeared in Al Mal. The company is aiming to raise at least EGP 500 mn from\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\/4\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562124,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/09\/idh-shares-to-go-live-this-month\/","url_meta":{"origin":623790,"position":4},"title":"IDH shares to go live this month","author":"enterpriseam admin","date":"9 May 2021","format":false,"excerpt":"Integrated Diagnostics Holding (IDH) shares are expected to begin trading on the EGX on 20 May after the Financial Regulatory Authority (FRA) gave the all-clear last week for the London-listed company\u2019s dual listing, IDH said in a statement on Thursday. The company is planning to list a 5% stake (some\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\/5\/66.jpg?fit=%2C&ssl=1&resize=350%2C200","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":623790,"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 "IPO"","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\/623790","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=623790"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623790\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/623777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/623791"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=623790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=623790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=623790"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=623790"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=623790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}