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Egypt fintech Fawry's IPO 30.3x oversubscribed, private placement 15.9x

Egypt-based Fawry Banking & Payment Technology Services Ltd.'s IPO was 30.3x oversubscribed following a 15.9x oversubscription of its private placement of shares on Aug. 2 — both at a price of 6.46 Egyptian pounds per share, Reuters reported Aug. 5, citing data from the Egyptian stock exchange.

The IPO is aimed at retail investors, whereas the private placement was geared toward institutional investors, the report said.

The private placement — representing 10% of Fawry's share capital — raised 360 million Egyptian pounds on the country's stock exchange, a separate Aug. 1 Reuters report, citing investment bank EFG-Hermes Holding SAE, said.

The payments firm intends to list 36% of its share capital in total — representing 1.6 billion Egyptian pounds — of which 10% was issued in the private placement, 5% is being offered to retail investors in the IPO and the remaining 21% will be evenly distributed among Actis LLP, Banque Misr (SAE) and National Bank of Egypt (SAE) in 7% chunks.

The company expects its shares to begin trading Aug. 8, once approval from the bourse is secured.

As of Aug. 5, US$1 was equivalent to 16.55 Egyptian pounds.