Egypt considers offering $6bln stakes in public companies on stock market

The Pre-IPO fund launched by the Egyptian government is working on preparing public sector companies for initial public offerings (IPO) that could reach a value between $5.5 billion and $6 billion, Asharq Business reported on September 12th, citing the Minister of Planning and Economic Development Hala El-Saeed.

The first tranche of the planned IPOs will be worth a range of between $2.5 billion and $3 billion and will be announced within four weeks, El-Saeed added.

The second tranche will be valued at around $3 billion, she revealed.

When asked about the potential offerings of the shares of Banque du Caire (BDC) (BQDC) and Misr Life Insurance, El-Saeed said that the names of the companies in the IPO program are still under study and will be decided and announced within four weeks.

The Pre-IPO fund is a sub-fund affiliate to the Sovereign Fund of Egypt (TSFE) that plans the stakes to be offered in the government IPO program.