{"id":657987,"date":"2024-12-30T00:00:00","date_gmt":"2024-12-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/looking-back-at-capital-markets-throughout-2024-ipos-regulations-and-delistings\/"},"modified":"2024-12-30T00:00:00","modified_gmt":"2024-12-30T00:00:00","slug":"looking-back-at-capital-markets-throughout-2024-ipos-regulations-and-delistings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/looking-back-at-capital-markets-throughout-2024-ipos-regulations-and-delistings\/","title":{"rendered":"Looking back at capital markets throughout 2024: IPOs, regulations, and delistings"},"content":{"rendered":"

Another year where IPOs were few and far in between: <\/strong>We rang in 2024 with the expectations that three companies<\/a> would IPO throughout the year \u2014 the EGX witnessed only two IPOs in 2024.<\/p>\n

2024\u2019s first IPO: <\/strong>Act Financial began trading on the EGX in late July and saw its shares jump<\/a> 29.7% on the first day of trading. The firm offered 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.<\/p>\n

And the first IPO of a bank on the EGX in 28 years: <\/strong>The state successfully sold a 30% stake in the CBE-owned United Bank, which hit the EGX earlier this month following a heavily oversubscribed IPO<\/a>. United Bank\u2019s retail offering was oversubscribed 59x<\/a>, while the offering\u2019s private placement was covered 6x. The offering as a whole was more than 8.6x oversubscribed.<\/p>\n

2023 was a dry year for the IPO market: <\/strong>Last year saw only a single company make its EGX debut, Taqa Arabia started trading on the EGX in July 2023<\/a> \u2014 in a technical listing, not an IPO \u2014 listing 1.35 bn shares on the exchange. No company has made its EGX debut since.<\/p>\n

Other activity on the EGX:<\/strong> Lotus for Agricultural Investments and Development made the<\/a>move<\/a> from the EGX\u2019s small and medium enterprises market to the main market after spending a little over a year trading on the NileX.<\/p>\n

There\u2019s a lot of liquidity in the market<\/strong> as a hedge against devaluation and inflation, Amr Helal, CEO of sell-side investment bank at CI Capital, said<\/a> during the EnterpriseAM Finance Forum in September. \u201cI think more needs to be done to encourage those investors, especially as interest rates come down and the easy money from parking funds in treasuries or government securities fades, to increase their allocation to the stock market,\u201d he added. <\/p>\n

Regional performance: <\/strong>Egypt came in second as the best MENA market for expected USD performance in 2024, in EFG Hermes Research's annual One-on-One Live Poll<\/a> receiving 25% of the votes counted. Leading the pack was Saudi Arabia with 44%, while Dubai came in third with 12% and Abu Dhabi in fourth with 8%.<\/p>\n

The hot sectors for the year: <\/strong>Respondents were evenly split on which sectors will perform best in the MENA region this year, with 27% voting for real estate and an equal amount voting for healthcare. In third place was banks with 24% of the vote.<\/p>\n

The year saw plenty of companies announce their intent to IPO on the EGX: <\/strong>In January, Raya Holding announced<\/a> its plans to offer stakes in Raya Trade & Distribution, Raya IT, and Aman Financial Services \u201cwhen the market is ready to accommodate new offerings.\u201d The National Printing Company (NAPR) will reportedly<\/a> make its EGX debut in 2H 2025. The company had initially planned to go public in the fourth quarter of this year but decided to delay the offering to await clearer market conditions. The EGX approved the temporary listing of the company in February.<\/p>\n

What could be the largest-ever public share sale in Egypt got pushed back again: <\/strong> The Administrative Capital for Urban Development (ACUD) will be ready to make its EGX debut in 2025, chairman Khaled Abbas told local media<\/a> in May. <\/p>\n

Also in the pipeline for next year: <\/strong>Banque du Caire is reportedly planning<\/a> to list in 2H 2025.<\/p>\n

Some companies departed the EGX: <\/strong>This year witnessed the voluntary delisting of Integrated<\/a>Diagnostics Holdings (IDH)<\/a> due to \u201climited trading activity.\u201d Ezz Steel is also working to delist<\/a> its shares from the EGX. <\/p>\n

New listing, delisting rules: <\/strong>In September<\/a>, the Financial Regulatory Authority introduced new regulations for firms looking to delist from the Egyptian stock exchange, as well as new regulations for special purpose acquisition companies.<\/p>\n

More diverse indices: <\/strong>In June, the EGX launched its first Sharia-complaint index<\/a>. The index\u2019s 33 listed companies represent 16 different sectors and have a maximum weight of 15% for any of them.<\/p>\n

Egypt welcomed its first SPAC: <\/strong> Impact investor Catalyst Partners\u2019 SPAC, Catalyst Partners Middle East became Egypt\u2019s first SPAC<\/a>, listing 1 mn shares with a nominal value of EGP 10 per share during its EGX debut. The SPAC is looking to acquire six to ten companies \u2014 including two fintech and NBFS firms.<\/p>\n

Egypt <\/strong>launched Africa\u2019s first carbon market<\/a><\/strong> in August. The market allows companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions. <\/p>\n

\n

WHAT DOES 2025 HAVE IN STORE-<\/p>\n

Aiming for IPOs record: <\/strong>2025 is shaping up to be a busy year for IPOs on the EGX.<\/p>\n

Primarily driven by government support: <\/strong>The Suez Canal Authority plans to list a stake in its subsidiary, Canal Company for Mooring and Lights<\/a>. The government also intends to offer stakes of up to 25% in Port Said Container & Cargo Handling and Damietta Container & Cargo Handling during 1H 2025<\/a>. Additionally, 10 companies<\/a> are slated for privatization via direct sales to strategic investors and\/or through EGX listing.<\/p>\n

Private sector players lining up for the market:<\/strong> Several private companies announced plans to go public on the EGX in 2025, including Valu<\/a>, El Attal Holding<\/a>, Al Ahly Group for Modern Agriculture<\/a>, Go Green for Agricultural Investment<\/a> and Korra Energi<\/a>, which intends to list 20% of its shares. Other notable companies include Smart Village<\/a> and Al Ahly Sabbour<\/a>, which has been eyeing an IPO since 2017. Other private sector players looking to make their EGX debuts next year include Tabarak Holding<\/a>, Enara Group<\/a>, and Basata Holding for Financial Investments<\/a>. <\/p>\n

IPO plans beyond 2025: <\/strong>The outlook for IPOs looks even brighter for the years beyond 2025, with several companies across different sectors gearing up for public offerings. These include GoBus<\/a>, which plans to list 30% of its shares by 2026, and MO Group for Food Industries<\/a>, which announced in December plans to offer up to 35% of its shares within three years. Other companies eyeing IPOs in the coming years include SIAC Holding<\/a>, Adeer International<\/a> (a subsidiary of Saudi Arabia\u2019s Sumo Holding), real estate player Arabia Holding<\/a>, Friday Ice Cream<\/a>, Al Gioshy Steel<\/a>, and Sun Way Egypt<\/a>. <\/p>\n

Derivatives will begin trading on the EGX in 2Q 2025<\/strong>, Financial Regulatory Authority Deputy Chairman Islam Azzam said<\/a>. Azzam highlighted futures contracts for indices as being among the incoming additions.<\/p>\n

One of the largest ever capital increases on the EGX: <\/strong>Beltone Holding will increase its<\/a>capital<\/a> by EGP 10.75 bn in a bid to support its growth strategy to strengthen its market position, leveraging data science to expand its financial services and expand its product offerings. <\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX witnessed two IPOs in 2024<\/p>\n","protected":false},"author":1,"featured_media":657988,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[8974],"tags":[102,68,72,78,9007],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-in-review-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-year-in-review-capital-markets-2","wpautop","entry"],"acf":{"mongo_id":"e5e1736d-78d1-4ec8-bc0b-9c0ac01ba4d2","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2493.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Looking back at capital markets throughout 2024: IPOs, regulations, and delistings","related_issue":[657979],"teaser":"The EGX witnessed two IPOs in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.373cfc8c-aa26-4955-a3f5-0385bd9bc3dc.mp3"},"yoast_head":"\nLooking back at capital markets throughout 2024: IPOs, regulations, and delistings - 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As central banks around the world scale back stimulus and look to hike interest rates, the surplus liquidity\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/252.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570316,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/fra-grants-nine-month-extension-for-companies-planning-ipos\/","url_meta":{"origin":657987,"position":1},"title":"FRA grants nine-month extension for companies planning IPOs","author":"enterpriseam admin","date":"26 March 2020","format":false,"excerpt":"IPO WATCH- Market regulator grants nine-month extension for companies planning IPOs: The Financial Regulatory Authority (FRA) has extended by nine months the deadline for companies that have listed their shares on the EGX but have yet to begin trading due to market conditions, according to a statement. The extension pushes\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":602107,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/19\/ipo-activity-in-egypt-and-the-rest-of-north-africa-rose-115-in-2018\/","url_meta":{"origin":657987,"position":2},"title":"IPO activity in Egypt and the rest of North Africa rose 115% in 2018","author":"enterpriseam admin","date":"19 March 2019","format":false,"excerpt":"IPO WATCH- IPO activity in Egypt and the rest of North Africa rose 115% in 2018, but 2019 looks like it\u2019s going to be a bit slower -PwC: IPO activity was up 115% y-o-y last year in value terms in Egypt, Morocco, Tunisia, and Algeria, according to PwC\u2019s annual Capital\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\/2019\/3\/279.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591614,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/11\/upcoming-ipos-of-egypts-bdc-e-finance-will-be-a-boon-for-egx-liquidity\/","url_meta":{"origin":657987,"position":3},"title":"Upcoming IPOs of Egypt\u2019s BdC, e-Finance will be a boon for EGX liquidity","author":"enterpriseam admin","date":"11 December 2019","format":false,"excerpt":"The upcoming IPOs of state-owned Banque du Caire (BdC) and e-Finance will be a boon for liquidity on the EGX, Bloomberg says. BdC, one of the country\u2019s largest banks, is expected to attract investors from beyond the region, including from \u201cmainstream global emerging market funds,\u201d Tellimer\u2019s head of equity strategy\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\/2019\/12\/443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545293,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/2021-a-historic-year-for-mena-ipos-says-ey\/","url_meta":{"origin":657987,"position":4},"title":"2021 a \u201chistoric year\u201d for MENA IPOs, says EY","author":"enterpriseam admin","date":"17 March 2022","format":false,"excerpt":"MENA exchanges saw an \u201cunprecedented surge\u201d in stock market debuts in 2021, with a record 21 companies completing IPOs in the region, EY says in its quarterly MENA IPO Eye report. Companies raised some USD 7.9 bn in debut share sales last year, more than quadruple that of 2020, it\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/520.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595077,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/egypt-expects-several-ipos-by-year-end\/","url_meta":{"origin":657987,"position":5},"title":"Egypt expects several IPOs by year-end","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"IPO WATCH - Pharma company looking to make EGX debut this year: One private pharma company worth more than USD 61 mn is planning to offer shares on the stock market by year\u2019s end, Sayed Abdel Fadeel, head of the Financial Regulatory Authority\u2019s corporate finance department, told Reuters without naming\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\/2020\/9\/247.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\/657987","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=657987"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657987\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657979"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657988"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657987"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657987"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}