Obour Land for Food In­dus­tries

Business monthly (Egypt) - - COVER STORY -

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.

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