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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.

 

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.

 

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).

 

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

 

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.

 

Arab Finance