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The Egyptian Exchange (EGX) said that the initial public offering (IPO) of CI Capital Holding has been implemented at a value of EGP 1.7bn.


The IPO has been executed through 225.6m shares, or 54.84% of the company’s capital, at EGP 7.7 a share, the EGX highlighted in a statement.


The IPO has been implemented through 22.5m shares at a total value of EGP 173.7m, while the private subscription has been conducted through 204.07m shares at a combined value of EGP 1.5bn, according to the statement.


The Egyptian bourse had announced that CI Capital’s IPO was oversubscribed 29.5 times, while the private offering, valued at EGP 1.56bn, was oversubscribed 6.1 times.

The EGX had also said that the final price of the IPO was set at EGP 7.70 per share.


Egyptian investment bank CI Capital had previously set an indicative price range between EGP 7.29 and 8.26 per share for a stake of the company’s shares on the EGX.


The investment bank said it aims to raise EGP 1.7bn in its initial public offering by selling 41.5% of its shares on the Egyptian Exchange.


The number of shares in the sale allocated to small investors is 22.563m in addition to 203.073m shares in a private offering that was covered 6.1 times.


“The allocation of the IPO for small investors is 3.3%,” Mohammed al-Najjar, head of research at Cairo-based El Marwa Brokerage, said.


CI Capital said it expects to begin trading on the EGX on 30 April.


The investment bank’s total capital is 411.456m shares at a nominal value of EGP 1 per share.


CI Capital’s consolidated revenues reached EGP 1.85bn in 2017, and consolidated net income after minority interest reached EGP 251m, up 144% and 104%, respectively.