Egypt's First IPO of the Year Rockets 31% in Market Debut
- Fawry expected to outperform in its first month of trading
- Offering of e-payment firm may usher in further Egyptian IPOs
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The first company to make its trading debut on Egypt’s bourse this year, electronic-payments firm Fawry for Banking & Payment Technology Services S.A.E., saw its shares jump after its initial public offering.
The stock closed 31% higher at 8.48 Egyptian pounds, after shares were sold at 6.46 pounds in the IPO. The offering represented 36% of Fawry’s share capital and raised about 1.6 billion pounds ($97 million). EFG Hermes Holding managed the sale.