B Investments to launch IPO on the Egyptian Exchange
BPE Holding for Financial Investments (B Investments), one of Egypt’s leading private equity companies, announced the release of its public subscription notice in the final steps leading up to the company’s initial public offering (IPO) of over 43,131,554 shares on the Egyptian Exchange from 13 to 25 March 2018 ,at a price of EGP 10.75 per ordinary share.
The offering will be comprised of primary and secondary shares and will be distributed over two tranches; the first is the private placement of 38,131,554 shares and the second will be a public offering of 5m shares.
The private placement book building process will run in the period from 6 to 25 March 2018, while the public offering will run from 13 to 25 March 2018.
Proceeds of the offering will be used to grow B Investments’ current portfolio companies and to expand the company’s diverse portfolio of investments through the acquisition of new companies in promising sectors.
“We are very pleased to grow our shareholder base through this IPO and capital increase,” said Hazem Barakat, co-founder and chairperson of B Investments. Adding that this step will allow the company to deploy its capital and transact on new investments to build on their existing portfolio.
On the other hand, Aladdin Saba, cofounder and member of the board of directors of B Investments, said that the offering will provide the market with access to private equity investments during a period where private capital is key to accelerating economic growth in Egypt.
Sigma Capital is acting as sole coordinator and bookrunner on the offering, while Zaki Hashem & Partners is acting as counsel to the issuer.