Egypt’s E-payment Company, Fawry, Arranges For IPO
The last IPO by a private company was Sarwa, a company specialised in financial servcies.
Egypt’s leading electronic payment company, Fawry is preparing to go public and list its shares on the stock exchange,Fawry's Co-Founder and Managing Director Mohamed Okasha announced. The share offering is planned for this year or early 2020.
“The general direction of the company’s current shareholders is offering on the Egyptian stock exchange and we have started preparing for this move,” Okasha tells Reuters.
The size of the offering has not been decided yet. But, the local newspaper, Al-Borsa reported from anonymous sources close to the matter, that the company will list 45% of its shares within the next few weeks, expected to raise EGP 2 to 2.5 billion. Al-Borsa also reported that EFG Hermes will manage the IPO, Zulifcar & Partners was chosen as the legal counsel, in addition to choosing Fincorp as a counsel to set the fair value.
Founded by Ashraf Sabry and Mohamed Okasha in 2009, Fawry offers over 250 electronic payment services in more than 80,000 locations.
