April 24, 2018 / 2:10 PM / a month ago

UPDATE 1-Egypt's CI Capital IPO attracts strong demand -traders

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By Ehab Farouk

CAIRO, April 24 (Reuters) - A public share offering of Egyptian investment bank CI Capital was covered 29.45 times at a price of 7.7 Egyptian pounds per share, traders said on Tuesday.

The investment bank said it aims to raise 1.7 billion Egyptian pounds ($96.37 million) in its initial public offering by selling 41.5 percent of its shares on the Egyptian Exchange.

The number of shares in the sale allocated to small investors is 22.563 million in addition to 203.073 million shares in a private offering that was covered 6.1 times.

“The allocation of the IPO for small investors is 3.3 percent,” Mohammed al-Najjar, head of research at Cairo-based El Marwa Brokerage said.

CI Capital said it expects to begin trading on the Egyptian stock exchange on April 30.

The investment bank’s total capital is 411.456 million shares at a nominal value of one pound per share.

CI Capital’s consolidated revenues reached 1.85 billion pounds in 2017 and consolidated net income after minority interest, reached 251 million pounds, up 144 percent and 104 percent respectively. ($1 = 17.6400 Egyptian pounds) (Reporting by Ehab Farouk, writing by Amina Ismail editing by Louise Heavens and Jane Merriman)

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