CI Capital Holding Co. SAE said March 15 that it intends to list its shares on the Egyptian Exchange through an IPO.
The Egyptian investment bank will offer up to 246.9 million ordinary shares, representing up to 43.6% of its share capital following completion of the IPO and a capital increase. The offering will be open to local retail investors as well as institutional investors in Egypt and several other countries.
The offering is expected to consist of a secondary sale of shares by CI Capital's current shareholders, which will use part of the proceeds they will receive from the IPO to subscribe for up to 1 billion Egyptian pounds in newly issued shares under the capital increase. The newly issued shares from the capital increase will have the same price as the ordinary shares to be offered from the IPO.
CI Capital expects to complete its offering in the second quarter, subject to market conditions and regulatory approvals, which the company is in the process of obtaining, including from the Egyptian Financial Regulatory Authority and the EGX.
Jefferies International Ltd. and CI Capital Investment Banking are acting as joint global coordinators and book runners. HC Brokerage and Pharos Securities Brokerage are acting as placement agents.
Norton Rose Fulbright is serving as international counsel to CI Capital, while White & Case LLP is acting as the underwriters' counsel and Matouk Bassiouny is serving as local counsel.
As of March 14, US$1 was equivalent to 17.64 Egyptian pounds.
