The Clap:
The Administrative Capital for Urban Development (ACUD) will delay its plan to select a foreign advisor for its planned IPO on the EGX until 4Q 2024, the company’s chairman Khaled Abbas told Asharq Business.
Remember:
The firm completed its restructuring ahead of its planned listing on the bourse back in March, and was initially targeting an IPO in 2Q 2024. ACUD wants to rake in at least EGP 150 bn from the IPO of between 5-10% of its shares on the EGX.
So what:
If the plan moves forward, the listing could be the country’s largest ever IPO.
