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    Egyptian Exchange: e-Finance to IPO in Q4

    e-Finance, the state-owned fintech platform, announced its intention to go ahead with a public share sale in the fourth quarter of 2021, a statement by the company said.

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    the company revealed plans to offer up to 14.5% of its shares on the Egyptian bourse next quarter in a sale that would see the company offer almost 258 million shares to investors, 177.8 million in a primary issue and 80 million in a secondary sale.

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    Shares will be offered to both institutional investors and retail investors at the same price.

    E-Finance is still waiting for the customary regulatory approvals from the Egyptian Exchange (EGX) and the Financial Regulatory Authority (FRA).

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    However, e-Finance could become the second company to IPO on the EGX this year.

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    In June, e-Finance has received the Egyptian governmentโ€™sย IPO Committee approvalย for the fair value of its shares.

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    In April, the company announced that it has completed itsย financial evaluationย in preparation for listing its shares on the Egyptian Exchange (EGX) in line with the governmentโ€™s bidding program.

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    The companyโ€™s FV is no less than EGP 40 billion, being one of Egyptโ€™s largest e-finance companies.

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

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

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    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.

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