July 21, 2019 / 2:50 PM / a month ago

Digital payments company Fawry to offer 36% stake in Egyptian IPO

CAIRO, July 21 (Reuters) - Egyptian digital payments company Fawry plans to list 36% of its shares on its domestic stock market, investment bank EFG Hermes said on Sunday.

The offering will include a private placement for institutional investors and an initial public offering (IPO) for retail investors in Egypt at the same price, said EFG Hermes, which is managing the sale.

The bank gave no indication on the expected offer price.

Fawry’s managing director this month told Reuters the company had begun preparing for the IPO on the Egyptian Exchange and that the process would be carried out in 2019 or early 2020.

Owned by local and foreign investment banks, Fawry was founded in 2009 and has about 8% of its shares in the hands of management and employees.

Fawry’s network processed 600.1 million transactions last year with a total value of 34.2 billion Egyptian pounds ($2.1 billion), EFG Hermes said in its statement.

The company made core profit of 152 million pounds in 2018, up 41.2% on the previous year.

The last IPO by a private company on the Egyptian Exchange was finance solutions business Sarwa Capital last October.

$1 = 16.5600 Egyptian pounds Reporting by Ehab Farouk Writing by Yousef Saba Editing by David Goodman

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