The Clap:
The Administrative Capital for Urban Development (ACUD) will IPO on the EGX in 2025, the company’s chairman Khaled Abbas told Al Borsa.
Remember:
The firm was initially targeting a listing in 2Q 2024, and earlier this week ]revealed it would delay its foreign advisor selection process for the listing until 4Q 2024..
Why this matters:
ACUD wants to rake in at least EGP 150 billion from the IPO of between 5-10% of its shares on the EGX. If the plan moves forward, the listing could be the country’s largest ever IPO.
In other IPO news:
Investment management firm Act Financial — which last month secured regulatory approval to IPO — will price its shares at EGP 3.65 when it goes public on the EGX between the end of May and beginning of June. The company wants to raise EGP 1.3 billion from a listing of 30% of its shares.
