Obour Land for Food Industries
The latest IPO in the market, cheesemaker Obour Land for Food Industries (OLFI) floated 80 million shares at LE 9.68 per share, raising LE 774 million. The IPO was oversubscribed by 5.7 times, but most of the oversubscription was in private placement (70 percent of the IPO) which was covered 7.4 times, whereas the public offering (30 percent of the IPO) was covered just 1.9 times. The stock began trading Dec. 15 at the opening price of LE 9.68 a share and fell 8.3 percent, having traded 28.3 million shares. The stock closed down in 15 of its 21 sessions through Jan. 15.