Egypt’s government is gearing up to implement the second wave of Initial Public Offerings (IPO) in September.

The Egyptian Exchange’s (EGX) platform welcomed today Fawry for Banking Technology and Electronic Payment, newly listed company number 216, to its main market with a trading code “FWRY.CA”.

Hassan Allam Holding, a construction and engineering group headquartered in Cairo, Egypt, and serving national, regional and global clients in the Middle East and North Africa, announced today its intention to proceed with a public offering of up to 44.3% of the Company’s existing ordinary shares currently owned by the Selling Shareholders in (i) an institutional offering of ordinary shares to be listed on the Egyptian Exchange (EGX) and global depositary receipts (GDRs) representing ordinary shares to be listed on the London Stock Exchange (LSE), and (ii) a separate domestic offering of ordinary shares in Egypt.

An initial public offering (IPO) of some 14.5 million shares of Egypt’s Cairo for Investment and Real Estate Development company (CIRA) was 18.9 times oversubscribed on Tuesday, traders said.