Cairo - Mubasher: Sarwa Capital hoped that its evaluation reaches $300 million, before its initial public offering (IPO) in the Egyptian Exchange (EGX).
The company seeks to fetch around $120 million to $125 million by selling 40% of its shares, CEO Hazem Moussa told Bloomberg.
Moussa expects the stock price to range between EGP 7 to EGP 8, noting that a number of investment companies seek to acquire stakes of 3% to 5%.
The CEO forecasts the listing to enhance the company’s competitiveness and market share.
The IPO is expected to take place during the third or fourth quarter of 2018.
Beltone Financial Holding is the sole coordinator, while Matouk Bassiouny is the legal adviser.