A strategic investor submitted a request to the directors of the offering of "E-Finance for Financial and Digital Investments Holding" company on the Egyptian Stock Exchange to acquire a share of no less than 10% of the total percentage offered by the company of its capital, according to “Al Borsa” newspaper.
The Financial Supervisory Authority had previously agreed to increase the number of shares offered for sale to 417.78 million shares, representing 26.1% of the company's total outstanding shares, instead of 16% included in the prospectus. .
Sources close to the offering process said that the noticeable increase in demand for the public offering came as a result of setting the final price of the share at EGP 13.98.
The sources stated that the government banks contributing to the company have subscribed to the operations of increasing its capital as a result of their expectation of strong future growth for the company in the coming years.
And requests for subscription in the public offering of "E-Finance for Financial Investments" amounted to about 112.5 million shares, which covers the shares displayed on the "OPR" screens of the deals market in The Egyptian Stock Exchange averaged 4.54 times within 4 days of opening the subscription, which is scheduled to be closed next Sunday, October 17, and the stock’s trading begins on the next day. The number of shares in the public offering tranche is 25.7 million shares.
The private placement tranche was closed two days ago, and it witnessed a huge turnout from institutional investors, high net worth individuals and investment funds, which prompted the company to request an increase in the shares offered.
The process of building the order book in the private offering revealed the final price of e-finance shares at 13.98 pounds per share, close to the upper limit of the price range, according to the offering prospectus.
