E-Finance Announces Indicative Price Range for its IPO on EGX

E-Finance Announces Indicative Price Range for its IPO on EGX

e-finance for Digital and Financial Investments S.A.E., the Egyptian government’s first fintech platform and one of its leading developers of digital payments infrastructures announced today the indicative price range for its IPO of 257,777,778 ordinary shares on the Egyptian Exchange (“EGX”) at EGP 12.50 and EGP 13.98. Trading of the share is to commence on October 18, 2021.

The offering will consist of a sell-down of 80,000,000 secondary shares and a capital increase of 177,777,778 primary shares, together representing 14.5% of the Group’s share capital, and will involve a placement to certain institutional investors in Egypt and elsewhere (the “Institutional Offering”) and a retail offering to retail investors in Egypt. The capital increase will be used to fund the Group’s future operational expansion plans.

The final price announcement will be determined in accordance with a book-building process and is expected to occur on or around October 9, 2021. The Egyptian Retail Offering subscription period is expected to run from October 6, 2021, to October 13, 2021.

On September 23, 2021, the Group received registration approval from the Egyptian Financial Regulatory Authority. Completion of the Combined Offering is conditional upon receipt of customary regulatory approvals of the FRA and the EGX and on the finalization of the book-building process.

Commenting on the Offering, the Group’s Chairman and Chief Executive Officer, Ibrahim Sarhan, said: “e-finance Investment Group is ideally positioned to capitalize on Egypt’s strong market fundamentals and booming digital space, which has witnessed consistently strong growth since the Group’s inception. Through our unique position within the government payments ecosystem along with our Group’s business model that sees us benefit from cross-portfolio synergies and integration across our subsidiaries, e-finance is able to maintain a ubiquitous presence across the Egyptian digital space and its various payment and collection channels. Armed with an optimized corporate structure, clearly defined growth strategies and expanding operational capacity, the Group will utilize proceeds from our IPO to continue capturing new opportunities that unlock and maximize value for governments, businesses, and individuals across the digital space.”

e-finance Investment Group was founded in 2005 with the purpose of operating the Government of Egypt’s financial network.

Today, e-finance is the sole entity authorized exclusively to process and settle Government payment and collection transactions and is the state’s digital partner of choice, with a dynamic business model covering the entire digital payments ecosystem.

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