Egypt begins IPO of state payments firm e-finance

Egyptian state-controlled payments firm e-finance for Digital and Financial Investments began an initial public offering (IPO) for retail investors on Sunday, an official from one of the banks acting as managers of the offering said.

A separate tranche for institutional investors that began on Wednesday will close on Monday, with the size of the subscription and the final price expected to be announced two days later, added the official, who asked not to be named.

E-finance, founded in 2005, is the sole entity authorised to operate the government's financial network, including processing and settling payment and collection transactions, it said in a statement last month.