{"id":629706,"date":"2024-07-07T00:00:00","date_gmt":"2024-07-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/07\/raya-its-long-awaited-ipo-planned-for-october\/"},"modified":"2024-07-07T00:00:00","modified_gmt":"2024-07-07T00:00:00","slug":"raya-its-long-awaited-ipo-planned-for-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/07\/raya-its-long-awaited-ipo-planned-for-october\/","title":{"rendered":"Raya IT\u2019s long-awaited IPO planned for October"},"content":{"rendered":"

Good morning, friends<\/strong>. <\/strong>Business news at home and abroad is off to a slow start this week. Nevertheless, we\u2019ve got news you can\u2019t afford to miss, with reports of some big-ticket investments from some familiar faces in the pipeline, encouraging data that Egypt\u2019s non-oil private sector is nearing growth after 43 straight months of contraction, and much, much more for you today.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> Raya IT to make its EGX debut in October: <\/strong>Raya Holding will go ahead with its IT arm Raya Information Technology\u2019s long-awaited IPO on the EGX in October, Raya Holding CFO Hossam Hussein, told Al Borsa<\/a>. The subsidiary\u2019s listing is one of three \u2014 Raya IT, Raya for Trade and Distribution, and Aman Consumer Finance \u2014 that Raya has been putting on hold until market conditions are better suited for the offering, Hussien elaborated. <\/p>\n

It\u2019s coming later than we first heard:<\/strong> The company said in December<\/a> that it plans to offer 30-35% of its IT arm on the bourse in 1H 2024, before signaling<\/a> that its plans were on hold until the \u201cmarket is ready to accommodate new offerings.\u201d Raya has already wrapped up all of the necessary listing requirements last year, and tapped our friends at EFG Hermes to quarterback the transaction. <\/p>\n

PSA- <\/p>\n

<\/a> The countdown to the long weekend has begun: <\/strong>Public and private sector workers will be off<\/a> on Thursday, 11 July, in observance of the Islamic New Year. Banks will be closed on Thursday for the holiday, according to a statement from the central bank seen by Enterprise.<\/p>\n

And that includes us folks here at EnterpriseAM Egypt<\/strong>, who will be taking a break from your inboxes this Thursday and will be back bright and early on Sunday with all the local business news and updates from the long weekend.<\/p>\n

\n

WEATHER- <\/strong>It\u2019s another summery day in Cairo today, with a high of 38\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a fair bit cooler in Alexandria and the North Coast<\/strong>, with a high of 31\u00b0C and a low of 22\u00b0C.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

FX WATCH- <\/p>\n

<\/a> Bank of America weighs in on the fair value of the EGP: <\/strong>The current USD\/EGP exchange rate is close to the fair value of the EGP, according to a Bank of America report picked up by Mubasher<\/a>. The bank sees the EGP strengthening against the greenback over the short term to reflect FX inflows picking up and helping bridge our balance of payments deficit. <\/p>\n

Remember: <\/strong>The USD breached<\/a> the EGP 48 level in late June for the first time since April, pressured by a pileup of orders for FX after Egyptian banks closed for the Eid Al Adha break. The EGP has since recovered slightly and is selling just for just over the 48 mark after three consecutive sessions in the green.<\/p>\n

DATA POINT- <\/p>\n

<\/a> The recently secured batch of 20 LNG shipments is coming with a price tag of up to USD<\/strong> 910 mn: <\/strong>The 20 LNG shipments state gas firm EGAS secured late last month \u2014 its largest in years \u2014 reportedly cost the state between USD 880-910 mn, Al Mal<\/a> reports citing sources it says are in the know. <\/p>\n

The suppliers: <\/strong>Saudi Aramco and multinational commodities trader Trafigura were among the winners of the tender, according to Al Mal\u2019s sources added. BP and an East Mediterranean Gas Company subsidiary will each supply five of the shipments, Asharq Business reported<\/a> last week, citing two anonymous officials from the Oil Ministry.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

THE BIG STORY ABROAD-<\/p>\n

The US presidential election is once again front and center in the global business press<\/strong>, with pressure on Joe Biden to quit the race for the White House continuing to build<\/a> nine days after his disastrous debate performance against Donald Trump. His first televised post-debate interview over the weekend with ABC News (watch, runtime: 31:23<\/a>) failed to quell concerns about his age and ability to secure a second term in the White House, with the Wall Street Journal describing Biden\u2019s defiant tone as a president in denial<\/a> .<\/strong><\/p>\n

Major <\/strong>donors<\/a><\/strong>, political strategists, <\/strong>elected officials<\/a><\/strong>, and rank-and-file party members are <\/strong>calling on Biden to \u201cpass the torch,\u201d <\/strong>but Biden has knuckled down, telling ABC that only \u201cthe Lord almighty\u201d could convince him<\/a> to drop out of the race.<\/p>\n

The year of elections is continuing to live up to its name elsewhere in the world<\/strong>, with Iran<\/strong> electing<\/a> Masoud Pezeshkian to the presidency \u2014 the country first reformist president in two decades<\/a>. Over in the United Kingdom<\/strong>, Keir Starmer has formed a government after a Labour Party landslide<\/a> that saw the Conservative Party\u2019s worst result in nearly two centuries.<\/p>\n

In our corner of the world, a temporary Gaza ceasefire may once again be in reach<\/strong>, after Hamas accepted<\/a> a US proposal to open talks on the release of Israeli hostages and dropped its long-standing demand that Israel agree to a permanent ceasefire before inking any agreement. Israeli and US delegations are set to arrive in Egypt to discuss a truce<\/strong>, an unnamed high-level government official told<\/a> Al Qahera News.<\/p>\n

With little to no business news in sight this morning, <\/strong>some outlets have picked on how European exports of cognac have allegedly become the latest casualty<\/a> in the tit-for-tat trade war between the EU and China, according to comments yesterday from the finance head of luxury goods conglomerate and Hennesy cognac parent company LVMH. The EU\u2019s third largest market for exports announced that it would hold a hearing on an anti-dumping probe into cognac from the bloc on Friday, two days after the bloc raised tariffs<\/a> on Chinese-made EVs from some manufacturers by up to 38%. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. Business news at home and abroad is off to a slow start this week. Nevertheless, we\u2019ve got news you can\u2019t afford to miss, with reports of some big-ticket investments from some familiar faces in the pipeline, encouraging data that Egypt\u2019s non-oil private sector is nearing growth after 43 straight months of contraction, […]<\/p>\n","protected":false},"author":1,"featured_media":629707,"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":[7204],"tags":[72,7142,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-raya-it","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"ba0edda5-08a7-4989-a114-5621beab26b1","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/1115.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Raya IT\u2019s long-awaited IPO planned for October","related_issue":[629704],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.a06aa17c-206c-4d40-a412-8de3f954706e.mp3"},"yoast_head":"\nRaya IT\u2019s long-awaited IPO planned for 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\/2024\/07\/07\/raya-its-long-awaited-ipo-planned-for-october\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raya IT\u2019s long-awaited IPO planned for October\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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The company is just under 49 mn shares equivalent to about 49% of outstanding shares. The transaction will include international offer to institutional investors and an Egyptian retail offer. Raya Holding for Financial Investments, the\u2026","rel":"","context":"In "Speed Round"","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":650543,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/27\/raya-contact-center-could-list-in-2q2017\/","url_meta":{"origin":629706,"position":2},"title":"Raya Contact Center could list in 2Q2017","author":"enterpriseam admin","date":"27 March 2017","format":false,"excerpt":"IPO watch- Raya Holdings subsidiary Raya Contact Center will list on the EGX in 2Q2017, sources told Al Mal. EFG Hermes is managing the offering. 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We\u2019re gearing up for the weekend after a long week of headlines and will see you again on Sunday.THE BIG STORY TODAY Food sector acquisitions just keep coming: Raya Holding has received a binding offer to acquire up to\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/aman-holding-and-raya-trade-distribution-could-be-heading-to-the-egx\/","url_meta":{"origin":629706,"position":5},"title":"Aman Holding and Raya Trade & Distribution could be heading to the EGX","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"Raya Holding getting serious about Aman Holding IPO + adds Raya Trade to the pipeline: Raya Holding met with EGX Chairman Ramy El Dokany last week to discuss market conditions as the company looks to IPO its non-banking financial services (NBFS) outfit, Aman Holding. 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