e-Finance, the state-owned fintech platform, determined its price range between EGP 29.6 billion and EGP 36 billion, Al Borsa News reported.

The valuation represents an earnings multiple of 44.7 times for 2022’s profits.

The company eyes generating revenues worth EGP 1.86 billion in 2021 and EGP 2.6 billion in 2022.

Earlier this week, the company its intention to go ahead with a public share sale in the fourth quarter of 2021. The company will offer up to 14.5% of its shares on the Egyptian exchange.

In June, e-Finance has received the Egyptian government’s IPO Committee approval for the fair value of its shares.

In April, the company announced that it has completed its financial evaluation in preparation for listing its shares on the Egyptian Exchange (EGX) in line with the government’s bidding program.

The company’s FV is no less than EGP 40 billion, being one of Egypt’s largest e-finance companies.

The company also targets raising its capital by 15% by the third quarter of 2021.

e-finance is a pioneer national developer of digital payments infrastructure and is a driving force behind Egypt’s growing digital economy. Established in 2005 to build, operate and manage the Egyptian Government’s financial payments hub.

The company offers a comprehensive full-fledge suite of Card center personalization capabilities that leverage the cards issuing, processing & settlements with over 40 million issued cards to date.