EFG Hermes advises on $69.6m Egyptian IPO

EFG Hermes said it concluded its advisory to Cairo for Investment & Real Estate Development (CIRA) on its 1.244 billion Egyptian pound ($69.63 million, Dh255 million) initial public offering (IPO) on the Egyptian Exchange.

The IPO saw selling shareholders Social Impact Capital (SIC) alongside other minority shareholders offer 37.8 per cent of CIRA to institutional and retail investors at an offer price of 6 pounds per share. CIRA is the largest integrated provider of educational services in the Egyptian private sector.