Egypt Stock Exchange Targets Seven IPOs This Year, Most Since 2011

A general view of the Egyptian stock exchange in Cairo August 18, 2013. Egypt's stock market fell sharply on Sunday as it resumed trading after hundreds of people were killed in a crackdown by the army-backed government on supporters of the Muslim Brotherhood. Banks and the stock market reopened for the first time since Wednesday's carnage, with shares rapidly falling 2.5 percent. REUTERS/Louafi Larbi (EGYPT - Tags: POLITICS CIVIL UNREST BUSINESS)

By Tamim Elyan and Yousef Gamal El-Din

The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak.

An IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end, Egyptian Exchange Chairman Mohamed Farid said in an interview with Bloomberg TV in Dubai. He didn’t give details on the names of the companies planning to raise funds or their sectors.

Read more here on predictions for a pick up Cairo IPOs this year

Foreign investor interest in Egypt has surged since authorities removed almost all restrictions on the pound in 2016 to help end a hard-currency crunch and secure a $12 billion loan from the International Monetary Fund.

Farid said amendments to capital market laws allowing the issue and trading in sukuks and derivatives will soon be ratified by President Abdel-Fattah El-Sisi.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.


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