Egyptian finance solutions provider Sarwa Capital's IPO on the Egyptian Exchange was covered 30.1x, Reuters reported, citing traders.

The company sold about 295 million shares in private and public offerings.

Sarwa Capital's previous institutional share offering was 10.83x oversubscribed, with the price set at 7.36 Egyptian pounds per share, the company said Oct. 4.

Sarwa Capital operates various business lines in retail credit, enterprise financing and insurance, focusing on asset-based financing including auto and consumer credit, mortgages and commercial leasing.

As of Oct. 12, US$1 was equivalent to 17.92 Egyptian pounds.