{"id":665712,"date":"2025-05-22T00:00:00","date_gmt":"2025-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/22\/bonyan-to-debut-33-stake-on-egx\/"},"modified":"2025-05-22T00:00:00","modified_gmt":"2025-05-22T00:00:00","slug":"bonyan-to-debut-33-stake-on-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/22\/bonyan-to-debut-33-stake-on-egx\/","title":{"rendered":"Bonyan to debut 33% stake on EGX"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Bonyan annou<\/strong><strong>nces intention to float: <\/strong>Bonyan for Development and Trade is looking to list up to 33% of its shares in a secondary offering on the EGX, whereby the sole shareholder Sky Realty Holding will rake in all of the proceeds from the sale, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/1763.pdf\" style=\"\" rel=\"noopener\">intention to float (ITF) document (pdf)<\/a>. Once the firm secures final regulatory approval, some 551.3 mn ordinary shares will be up for grabs in an offering open to both retail and institutional investors. The company expects the offering to take place in 2Q 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We knew this was coming: <\/strong>Bonyan hit the road for its IPO after Eid, kicking off <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3351533-88d5-4b16-83af-0571f5543949\" style=\"\" rel=\"noopener\">investor<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3351533-88d5-4b16-83af-0571f5543949\" style=\"\" rel=\"noopener\">meetings<\/a> with local institutions ahead of a regional push in Saudi Arabia, the UAE, and Oman. The firm first announced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4d52eee-eb1a-40ce-b310-5d86def34ed5\/%253cmark%253ebonyan%253c%2Fmark%253e-eyes-ipo-on-the-egx-as-soon-as-february\" style=\"\" rel=\"noopener\">plans to IPO<\/a> in January, initially targeting a February-to-April window. Bonyan\u2019s CEO Tarek Abdelrahman <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3351533-88d5-4b16-83af-0571f5543949\" style=\"\" rel=\"noopener\">told us<\/a> in March that 90% of the offering will be allocated to institutions via private placement, with the remaining 10% reserved for retail buyers. Subscription details and dates are yet to be disclosed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the math lands: <\/strong>The stake on offer clocks in at EGP 4.4 bn according to our calculations based on a fair value of EGP 7.94 a share, per a Mubasher note seen by EnterpriseAM. That pegs Bonyan\u2019s market cap at EGP 13 bn, according to our math, though the IPO\u2019s mid-point pricing points to a leaner EGP 12.3 bn, as flagged by a separate CI Capital note we\u2019ve seen.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is a first for the EGX:<\/strong> Bonyan is on track to be the first real estate operating company (REOC) to hit the EGX \u2014 a model that differs from developers and REITs by focusing on owning, managing, and leasing out income-generating properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Backed by bulk buys, FCY + high <\/strong><strong>occupancy<\/strong><strong>:<\/strong> The company says it operates a portfolio of commercial assets with a 93% occupancy rate and focuses on bulk acquisitions, which it claims allows it to purchase assets <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4d52eee-eb1a-40ce-b310-5d86def34ed5\/%253cmark%253ebonyan%253c%2Fmark%253e-eyes-ipo-on-the-egx-as-soon-as-february\" style=\"\" rel=\"noopener\">30-40% below market value<\/a>. Roughly 60% of Bonyan\u2019s rental contracts are USD-linked, providing a degree of insulation against local inflation, according to the ITF.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A snapshot of its financials: <\/strong>Bonyan\u2019s bottom line came in at EGP 2.7 bn in 2024, while its top line stood at EGP 4.1 bn. The firm\u2019s EBITDA margin rose to 93% last year, up from 82% in 2021.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A capital increase will follow: <\/strong>Sky Realty Holding is partially divesting its stake in the real estate investment firm with plans to reinvest a portion of the IPO proceeds back into Bonyan by subscribing to a capital increase at the same offer price. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The plan for the proceeds: <\/strong>Bonyan is looking to acquire 20-30k sqm of leasable space annually, valued at over EGP 4 bn, allowing it to double its 15k sqm footprint as of January, the CEO previously said. The company is also in talks to acquire four to five buildings, with a focus on administrative and logistics assets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>CI Capital and Arqaam Capital are leading the IPO as coordinators and bookrunners, with Mubasher acting as the offering agent. Matouk Bassiouny & Hennawy will act as counsel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cAlthough real estate remains one of the largest and most preferred investment sectors in Egypt, real estate investment companies are notably underrepresented on the EGX. We believe that Bonyan\u2019s offering will address this gap, and help overcome many of the challenges currently associated with traditional real estate investments,\u201d Abdelrahman said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The 2025 IPO pipeline: <\/strong>Several private companies announced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5e1736d-78d1-4ec8-bc0b-9c0ac01ba4d2\/looking-back-at-capital-markets-throughout-2024:-ipos,-regulations,-and-delistings\" style=\"\" rel=\"noopener\">plans to go public<\/a> on the EGX this year, including Saudi-owned <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bda6442-daa7-4249-aee7-7f23152df427\/saudi-owned-rakhaa-wants-to-go-public-on-egx-with-30%2525-stake\" style=\"\" rel=\"noopener\">Rakhaa<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cdd96d5-8ef6-4807-9451-31498a70e53f\/fedcoc-calls-for-shops-to-open,-close-later-under-new-opening-hours\" style=\"\" rel=\"noopener\">El Attal Holding<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b2f99a4-03d4-42b1-9eb2-9c9a6f7bc2d9\/esim-services-are-months-away\" style=\"\" rel=\"noopener\">Al Ahly Group for Modern Agriculture<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0957f2c1-9347-4585-a177-3339bfcc352a\/steps-toward-launching-africa%25e2%2580%2599s-first-voluntary-carbon-market-are-gaining-traction\" style=\"\" rel=\"noopener\">Go Green for Agricultural Investment<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6342f21e-1531-4a03-875f-54c4faa3cbb1\/%253cmark%253ekorra%253c%2Fmark%253e-energi-to-offer-up-to-20%2525-of-company-in-upcoming-ipo\" style=\"\" rel=\"noopener\">Korra Energi<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14219dce-59cd-4abf-83e6-357873712d5b\/%253cmark%253esmart%253c%2Fmark%253e-villages-to-make-its-egx-debut-in-an-ipo-next-year\" style=\"\" rel=\"noopener\">Smart Villages<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0410565f-2df4-43e1-848d-263a4719dd75\/al-ahly-sabbour-plans-to-offer-up-to-a-25%2525-stake-on-the-egx\" style=\"\" rel=\"noopener\">Al Ahly Sabbour<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8d26855-a0c2-4654-951e-b0030b6a04b8\/fresh-tourism-incentives-ahead%3F\" style=\"\" rel=\"noopener\">Enara<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13b15866-b6e1-4e27-97cd-61f38cacc5ed\/%253cmark%253e%253c%2Fmark%253ewe%253cmark%253e%253c%2Fmark%253e%25e2%2580%2599%253cmark%253e%253c%2Fmark%253ell%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ehave%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253emore%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eon%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eqalaa%253cmark%253e%253c%2Fmark%253e%25e2%2580%2599%253cmark%253e%253c%2Fmark%253es%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253edebt%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ebuyback%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253esoon%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">Basata Holding for Financial Investments<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad884254-66d2-45cf-ada4-612e88318194\/real-estate-player%253cmark%253e-tabarak%253c%2Fmark%253e-holding-to-ipo-on-the-egx-by-2h-2025\" style=\"\" rel=\"noopener\">Tabarak Holding<\/a>, <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59571de1-31ef-4c8e-be0c-ae93f00c1924\/%253cmark%253edamietta-container%253c%2Fmark%253e-and-cargo-handling-files-for-a-capital-hike-ahead-of-a-rumored-public-offering\" style=\"\" rel=\"noopener\">Damietta Container and Cargo Handling<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e61d001a-ad4a-4b9d-a77f-d7300a6fdeed\/egypt-has-a-usd-500-mn-fertilizer-plant-in-the-making\" style=\"\" rel=\"noopener\">Friday Ice Cream<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3cbce8f-3024-45c9-9d6c-75f00e06c41b\/giz-support-for-egyptian-food-and-agriculture-smes\" style=\"\" rel=\"noopener\">Sunway Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d75eae1-5784-4b33-b5cd-166686c5eb59\/egypt-to-ink-agreements-with-bahrain,-uae-to-cut-customs-clearance-time\" style=\"\" rel=\"noopener\">National Printing<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f165bee9-56da-45c3-ab5a-2778c7ded5ba\/government-to-kick-off-the-new-year-with-a-port-privatization-push%3F\" style=\"\" rel=\"noopener\">Port Said Container & Cargo<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outlook for IPOs is still bright beyond 2025<\/strong>, with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15b40fd9-605e-448c-bce2-6bc1c2800aa8\/%253cmark%253egobus%253c%2Fmark%253e-wants-to-make-its-market-debut-by-2026\" style=\"\" rel=\"noopener\">GoBus<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82c01c7a-094e-4036-8fea-9d85b76fb17a\/%253cmark%253emo-group%253c%2Fmark%253e-eyes-ipo\" style=\"\" rel=\"noopener\">MO Group for Food<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82c01c7a-094e-4036-8fea-9d85b76fb17a\/%253cmark%253emo-group%253c%2Fmark%253e-eyes-ipo\" style=\"\" rel=\"noopener\">Industries<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37152594-d114-4b17-bdaf-1f8de641a886\/jade-textile-eyes-three-new-factories-for-usd-180-mn.-plus:-giza-spinning-and-weaving,-dhl,-ebda,-ashry-steel,-ecole-ducasse,-shell,%253cmark%253e-siac%253c%2Fmark%253e,-e-finance\" style=\"\" rel=\"noopener\">SIAC<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37152594-d114-4b17-bdaf-1f8de641a886\/jade-textile-eyes-three-new-factories-for-usd-180-mn.-plus:-giza-spinning-and-weaving,-dhl,-ebda,-ashry-steel,-ecole-ducasse,-shell,%253cmark%253e-siac%253c%2Fmark%253e,-e-finance\" style=\"\" rel=\"noopener\">Holding<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0c3bd68-188f-4de9-a7f1-0e444921f13d\/ksa%25e2%2580%2599s%253cmark%253e-adeer%253c%2Fmark%253e-wants-to-set-up-a-real-estate-fund-in-egypt\" style=\"\" rel=\"noopener\">Adeer<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1b1e935f-df88-451f-9cff-448b62c32f49\/egypt-will-be-facing-spain-in-the-quarterfinal-of-the-men%25e2%2580%2599s-handball-tournament\" style=\"\" rel=\"noopener\">Arabia Holding<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352bc0fd-1485-4e6e-ba3c-1eebfb98494f\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352bc0fd-1485-4e6e-ba3c-1eebfb98494f\" style=\"\" rel=\"noopener\">Gioshy<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352bc0fd-1485-4e6e-ba3c-1eebfb98494f\" style=\"\" rel=\"noopener\">Steel<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02986738-c33c-4f19-8c5d-e7eb11a097ba\" style=\"\" rel=\"noopener\">Canal Company for Mooring and Lights<\/a> also planning to hit the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm expects the offering to take place in 2Q 2025<\/p>\n","protected":false},"author":1,"featured_media":665713,"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":[7224],"tags":[8298,68,72,78],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-665712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-bonyan","tag-egx","tag-enterpriseam","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"b832f0c7-a175-4644-abc3-8f86f4dce070","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1417.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bonyan to debut 33% stake on EGX","related_issue":[665704],"teaser":"The firm expects the offering to take place in 2Q 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.ae745fdb-4f0b-4fe0-b4cb-76b9e60e567e.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>Bonyan to debut 33% stake on EGX - 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\/2025\/05\/22\/bonyan-to-debut-33-stake-on-egx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bonyan to debut 33% stake on EGX\" \/>\n<meta property=\"og:description\" content=\"The firm expects the offering to take place in 2Q 2025\" 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