Read in PDF
e-finance [EFIH]
Egypt / Non-Banking Financials / Pre-IPO Note
IPO Price: EGP13.98/share
Investment Rating: Not Rated | Risk Rating: Not Rated
The long-awaited IPO
On 19 September 2021, e-finance [EFIH], the largest state-owned e-payment company, announced its intention to float on the Egyptian Exchange (EGX). The offering, which represents 23.5% of EFIH (post capital increase), is expected to consist of 177.8mn in primary shares and 240mn in secondary shares. Set yesterday, the initial public offering’s (IPO) price of EGP13.98/share implies a market cap of EGP24.9bn post a capital increase of EGP2.5bn, which is 6% below that of Fawry [FWRY], its only EGX-listed peer. In assessing EFIH’s share value, we cannot overlook FWRY which has been receiving increasing investor attention since the COVID-19 outbreak, pushing its share to surge 330% in 2020 and 334% since its debut in the market in August 2019.
For the full report, please click here.
Sherif El Etr
Equity Analyst
T +202 3300 5720