Matouk Bassiouny & Hennawy has advised Act Financial on its EGP 1.04 billion (US$21.4 million) initial public offering (IPO), marking the first offering to occur in the Egyptian Stock Exchange since 2022.
The Middle East and North Africa (MENA) firm acted as lead counsel for Act Financial, an investment company based in Cairo, Egypt, which began trading today.
The finance company offered 32% of its shares following a capital increase at EGP 2.9 per share.
The offering was released in two tranches; a private placement where a total of 83% of shares (300 million) were allocated to qualified investors and institutions, and a public placement where the remaining 17% of shares (60 million) were allocated to individual investors.
It was oversubscribed for both private and public offerings.
It resulted in over 20 oversubscriptions for private placement offerings on the EGX, one of the highest in the last 15 years, according to a statement.
Meanwhile, the public placement was oversubscribed approximately 55 times through over 20,000 subscribers.
The Matouk Bassiouny team advising on the matter was led by partner and head of capital markets, Mohamed Abdel Fattah, alongside counsel Mohamed Galal, senior associate Khaled Abdelwahab, and associate Mohamed Abdel Mageed.
Zilla Capital managed the IPO, with Baker Tilly providing auditing services, and Financial Advice Corporate Transactions (FACT) acting as the independent financial advisor to the transaction.
In June it was reported that Meysan had advised on the first IPO in Kuwait since 2022 and one of the few in the last decade. The firm advised Beyout Investment Group Holding (BIG Holding) on the completion of its listing on the premier market of the Kuwait Stock Exchange.
