The private placement of Bonyan for Development and Trade’s shares has been oversubscribed by 6.88 times, the Egyptian Exchange (EGX) announced.
Moreover, the EGX noted that the final offering price has been set at EGP 4.96 per share.
This came as disclosed by the issuing company in the Al Mal and Al Borsa newspapers on July 14th.
Accordingly, the EGX has instructed all brokerage firms participating in the public offering to deposit at least 25% of the total value of shares they intend to purchase.
Additionally, firms must adjust any previously recorded orders to reflect the final price of EGP 4.96 per share.
It is worth noting that the company seeks to raise EGP 1.8 billion by offering 20% to 21.9% of its shares, about 362.903 million shares, according to its IPO prospectus.
In his first exclusive interview following the initial public offering (IPO) subscription launch, Shamel Aboul Fadl, Executive Chairman of Bonyan, told Arab Finance that trading on Bonyan’s stock is expected to begin before the end of July.
