It’s official: Fawry to list shares on Egyptian Stock Exchange in August, sets IPO price at EGP 6.46

As the previous reports suggested, Egyptian electronic payments company Fawry has announced on Friday that it will list its shares on the Egyptian Stock Exchange on or around August 8. As Enterprise reported this morning, Fawry obtained approval of The Financial Regulatory Authority to push public subscription notice.

The company, according to the statement, is selling 36% or 254.6 million of its ordinary shares at the price of EGP 6.46. Its a discount from Fawry’s fair value price which according to Enterprise is EGP 6.9. The share price of EGP 6.46 gives Fawry a valuation of EGP 4.56 billion or a little over $275 million. It is almost 3x of the $100 million valuation that Fawry had when 85% of the company was sold to a consortium of investors in 2015.

“The 36% offering will comprise of a secondary sale by PSI Netherland Holding BV,” Fawry said in a statement adding that 7.2% of these shares will be sold to Actis, a London-headquartered growth markets investor, 7% to National Bank of Egypt, another 7% to Banque Misr, 9.8% to qualified institutional investors in the private placement and the rest of 5% in the retail offering.

The institutional offering subscription that began on Friday and will finish on July 31. The retail offering has started today and will end on August 5. The trading of Fawry’s shares on Egyptian Stock Exchange (EGX) is expected to begin on or around August 8 after Fawry obtains EGX’s permission.

Founded in 2008 by Ashraf Sabry & Mohamed Okasha, Fawry currently offers over 250 electronic payment services through its network of over 100,000 service points across 300 cities in the country – that include ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks. The company also has its online payment gateway that allows online businesses to collect payments from their customers using different methods including cash, credit cards, and mobile wallet.

Zubair Naeem Paracha
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