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 governmentโsย 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 governmentโs bidding program.
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The companyโs FV is no less than EGP 40 billion, being one of Egyptโs 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 Egyptโs growing digital economy. Established in 2005 to build, operate and manage the Egyptian Governmentโs 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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