Arabian Cement IPO 18.5 times oversubscribed
Cairo, May 13, 2014
Egypt's Arabian Cement Company's initial public share offer, the first major listing on Cairo's bourse since the 2011 political uprising, was 18.5 times oversubscribed, an official at advisory bank CI Capital told Reuters on Tuesday.
The offer raised $110 million with 85.2 million shares sold in the offer and a placing at 9 Egyptian pounds ($1.28) per share, said Hesham Gohar, managing director for investment banking at CI Capital, which was co-bookrunner on the offer alongside EFG-Hermes.
Gohar said the oversubscription "reflects the confidence of investors, especially foreigners, in the Egyptian economy."
Arabian Cement has previously said that trading will start around May 21.
The company has a production capacity of 5 million tonnes a year and a market share of around 8 percent. - Reuters