{"id":636490,"date":"2024-08-01T00:00:00","date_gmt":"2024-08-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/01\/act-financial-shares-rose-29-7-on-their-egx-debut\/"},"modified":"2024-08-01T00:00:00","modified_gmt":"2024-08-01T00:00:00","slug":"act-financial-shares-rose-29-7-on-their-egx-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/01\/act-financial-shares-rose-29-7-on-their-egx-debut\/","title":{"rendered":"Act Financial shares rose 29.7% on their EGX debut"},"content":{"rendered":"

Good morning, everyone. <\/strong>We have a brisk issue for you today to close out one very busy week. <\/p>\n

AT THE BOURSE- <\/p>\n

<\/a> A<\/strong>ct Fin<\/strong>ancial shares rose <\/strong>29.7%<\/strong> on their <\/strong>first day of trading<\/a><\/strong> on the EGX yesterday <\/strong>to close at EGP 3.76 \u2014 up from their initial price of EGP 2.90, according to market data.<\/p>\n

Remember:<\/strong> Act Financial last week completed the first IPO Egypt has seen in a year, offering<\/a>some 32% of the company<\/a> \u2014 360 mn shares \u2014 to investors. The retail tranche<\/a> of the IPO was 54.8x covered, while the institutional tranche<\/a> was 20.2x oversubscribed, the highest demand a subscription period has seen in six years. All in all, the combined offering was 26x oversubscribed, the company said (pdf)<\/a>. <\/p>\n

What\u2019s next? <\/strong>Act Financial plans to use the EGP 1 bn raised from its IPO<\/a> to invest into three EGX-listed companies this year, Managing Partner Mostafa Abdel Aziz told Enterprise last month. The company is also exploring potential investments in six non-listed local companies with the hopes of eventually listing them on the EGX. <\/p>\n

<\/a> AND- An index just for temporarily listed companies? <\/strong>The bourse is considering launching an index for companies that are temporarily listed on the EGX, bourse head Ahmed El Sheikh told Al Arabiya<\/a>, adding that the move will help keep things organized with all the temporarily listed companies filed in one list. The index will categorize companies based on the sectors they operate in and will include information about their capital. <\/p>\n

Another IPO incoming? <\/strong>El Sheikh expects 2-3 companies to temporarily list on the EGX this year \u2014 the bourse is currently studying the prospect of listing 11 new companies \u2014 eight on the EGX and three on the NileX.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> Metro fare just got pricer:<\/strong> The state is hiking metro ticket prices by up to 33% starting today, Al Shorouk<\/a> reports, citing a source from the Cairo Metro. Tickets now run between EGP 8-20 depending on how far your destination is. The hike comes in response to the government\u2019s decision to raise fuel prices by 10-15%<\/a>. <\/p>\n

Train tickets are also getting more expensive<\/strong>, rising up to 25% starting today \u2014 the Talgo first-class ticket now goes for EGP 275, while the second-class ticket is now priced at EGP 175, <\/strong>Al Shorouk<\/a> reported, citing a source from the National Railway Authority.<\/p>\n

<\/a> <\/p>\n

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? <\/strong>Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n

Why attend? <\/strong>We\u2019re in the early days of a generational realignment of power in our industry \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in our country and the wider region. Among the questions we\u2019ll be asking:<\/p>\n