IPO

Gourmet Egypt.com for Food Products (Gourmet/GE), a premium grocery retailer, announced plans for an initial public offering (IPO) on the Egyptian Exchange (EGX).

“The IPO of Gourmet marks a major milestone in the Company’s journey and sets the stage for the next phase of our growth. We remain committed to strengthening Gourmet’s brand equity by consistently delivering on our promise of excellence and quality. As we look  to the future, we are focused on scaling the business while staying true to the core principles that define the Gourmet  brand — innovation, authenticity, and dedication to our customers,”

Michael Wright, Gourmet’s Chairman. 

The offering is expected to include a secondary sale of up to 190,516,824 existing ordinary shares, representing 47.6% of the company’s issued share capital. The selling shareholders include B Investments Holding S.A.E (“B Investments”), Basem Abu Ghazaleh, Jalal Abu Ghazaleh, Deema Abu Ghazaleh, and Amgad Sultan. Following the offering, B Investments will retain a 40% stake, in a demonstration of confidence in the business moving forward. 

The offering will consist of two components: a private tranche for qualified investors in Egypt and a public tranche open to public subscription. Together, these components make up the combined offering. Both tranches will be offered at the same price per share, determined through a book-building process.

Gourmet is currently securing the necessary approvals, including the public subscription notice (PSN) and regulatory approvals from the Financial Regulatory Authority (FRA) and the Egyptian Exchange (EGX). Moreover, the completion of the combined offering and the start of trading are expected in February 2026. This is subject to market conditions and timely regulatory clearance.

EFG Hermes Promoting & Underwriting is acting as the sole global coordinator and bookrunner for the combined offering. Meanwhile, MHR & Partners, in association with White & Case, is serving as local counsel to the issuer of the combined offering.

Gourmet

Gourmet’s story begins with its founding in 2006 and 2008 by the Abu Ghazleh family 

Previously, Jalal Abu Ghazleh spent a decade acting as a wholesale food supplier to luxury hotels in Cairo. He started Gourmet Egypt to bring luxury groceries to individual customers.

In 2006, it began as a home delivery food service via a call center delivering hard-to-find luxury food items to consumers. The home delivery service was an outstanding success and experienced immense growth through word of mouth. By 2007, plans were set in motion to open physical grocery stores by early 2008, Gourmet Egypt opened its doors for customers. 

The premium grocery retailer began with its first store located right off Maadi’s Ring Road, offering curated luxury products previously unavailable in mainstream retail shops. Its portfolio ranged from Italian & French farmhouse cheeses to authentic pasta, condiments, Asian fusion, forzden, and freshly prepared meats.

By 2015, macroeconomic pressures and foreign currency challenges were reshaping the market, prompting Gourmet to rethink its operating model. To combat these challenges, it sought to reduce its import dependence. In response, the company launched Gourmet Food Solutions (GFS), a wholly owned manufacturing subsidiary that vertically integrates premium grocery retail with in-house food production.  GFS enabled the company to enhance margins and scale its “Produced by Gourmet” product lines.

Current Operations & Market Presence

Now, Gourmet owns and operates two food processing and manufacturing facilities: a meat and poultry facility and kitchen facilities.  The meat and poultry facility includes  a butchery, a beef processing unit, and a poultry processing unit. Meanwhile, the kitchen facilities include seven business lines, including an oriental kitchen, bakery, pastry, pasta kitchen, ice cream laboratory, and garde manger. 

Additionally, Gourmet’s facilities also cater to restaurants, hotels, cafes, and other food retailers. Furthermore, it was one of the first grocery retailers in Egypt to launch an e- commerce and mobile application. 

As Gourmet entered its next growth phase, B Investments acquired a majority stake, providing capital to accelerate expansion. Since then, Gourmet has expanded its retail footprint, upgraded operational infrastructure, and strengthened its delivery and e-commerce platforms. By 2024, delivery sales accounted for approximately 35%, with walk-in customers contributing around 65% of total revenue.

The premium grocery retailer now operates 21 stores across Greater Cairo. This includes East and West Cairo, Downtown, Heliopolis, Maadi, Alexandria, El Gouna, and seasonal North Coast outlets.

Financial Performance & Balance Sheet

In 2024, Gourmet reported consolidated revenue of EGP 2,118 million and EGP 2,085 million for the nine months ending September 2025. This represents a 39.6% increase compared to the same period in 2024. Moreover, its adjusted EBITDA reached EGP 293 million and 281 million, respectively, with Net Profit of EGP 135 million in both periods. As of October 2025, the Company maintained a balance sheet with EGP 274 million in cash and minimal bank debt of EGP 29 million. 

Looking Ahead

From its beginnings as a home-delivery service to becoming Egypt’s leading premium grocery retailer, Gourmet has built a legacy of quality, innovation, and customer loyalty. Following the offering, it will introduce a dividend policy aligned with cash flow, while keeping the flexibility to invest in growth.

 The IPO opens a new chapter, empowering Gourmet to expand its store network and strengthen digital and e-commerce platforms. With this new chapter, it aims to continue setting the standard for premium grocery experiences in Egypt.