The Clap:
Raya Information Technology — the IT division of Raya Holding— will now proceed with its delayed IPO by October, planning to list between 30-35% of its shares on the EGX, the parent company’s CFO, Hossam Hussein, said in an interview with Al Borsa.
Why the wait:
The plans — announced in December — were shelved from the original target date of 1H 2024 due to unfavorable market conditions for new offerings. Raya has now completed all the needed listing requirements, and tasked EFG Hermes with leading the transaction.
Refresher:
The company integrates IT systems to businesses, ranging from ATM & self service solutions and tech solutions to data centers.
Projects include:
The second phase of Telecom Egypt’s data hub, which sees Raya IT handle the center’s design and construction of its power infrastructure, cooling solutions, physical security, fire suppression systems, and rack and cabinet installation.
What’s next?
Raya IT is eying expansions both locally and regionally in the Gulf, with a particular focus on enhancing its business operations in Saudi Arabia. The company’s revenues hit the EGP 5 billion mark last year, and are expected to grow by 30% in 2024.
More IPOs to come from Raya:
Remember, Raya is still putting on ice the listing of two of its subsidiaries Raya for Trade and Distribution, and Aman Consumer Finance until market conditions are more favorable.
