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October 11, 2021

Egypt’s state payments firm E-finance begins IPO

By Shalini mani

E-finance Digital and Financial Investments, a state-controlled payments firm in Egypt, has launched an IPO for retail investors, reported Reuters.

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Beginning on 6 October, another tranche for institutional investors was launched that will close today.

The size, as well as the final price of the subscription, is likely to be revealed two days later, the news agency reported, citing an official from one of the banks acting as managers of the offering.

Set up in 2005, E-finance serves as the only entity authorised to run the financial network of the government, including collection transactions, and processing and settling of payments.

E-finance is offering to sell 257.8 million shares, which translate to 16.1% of the total, to the public. These shares also consist of 177.8 million new shares and 80 million shares owned by current shareholders. These shares are being sold at a maximum price of E£13.8 ($0.88).

Out of these shares being sold, 90% of them will be intended for institutional investors, and the remaining for retail investors.

As per the E-finance’s 2019 annual report, its present shareholders are three state-owned banks: National Investment Bank that holds 63.64% stake, and the National Bank of Egypt and Banque Misr, with each holding with 9.09% stakes.

The company reported a consolidated net income after taxes of E£275.6m in the first six months of 2021 on revenues of E£904.4m.

In the year-earlier period, its net income stood at E£152.5m and revenues at E£500.6m.

CI Capital Investment, Al Ahly Pharos, Renaissance Capital are the three banks serving as managers of the offering.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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