Aiming to be a public company, Egypt’s leading electronic payment firm Fawry is arranging to list its shares on the Egyptian stock exchange, where it is expected to take effect during this year or in early 2020, according to a recent statement made by Fawry Co-Founder and Managing Director Mohamed Okasha. He explained to Reuters that the general direction of Fawry’s shareholders is to go public on the Egyptian stock exchange, noting that the big step is currently in preparation.
According to the privately-owned stock exchange newspaper Al-Borsa, the popular digital payment service intends to list 36% of its shares over the course of the next coming weeks, and is expected to raise between 2 to 2.5 billion EGP. Moreover, EFG Hermes will be managing their IPO whereas Zulifcar & Partners was chosen as the legal counsel, in addition to Fincorp acting as counsel to set the fair value.
Founded in 2009 as one of the earliest FinTech initiatives in Egypt, Fawry offers more than 250 electronic payment services, available in more than 80,000 locations. The promise of an upcoming initial public offering will only further boost its popularity & growth across Egyptian governorates; a feat that could reveal itself to be the catalyst needed for Fawry’s expansion in the region.
Fawry, e-payment, IPO, Egyptian Stock Exchange, EGX, Al-Borsa, Fincorp, EFG Hermes