UAE-based Etisalat is looking to raise about US$500m from the listing of its Etisalat Misr subsidiary on the Egyptian stock exchange, according to a Bloomberg report.
Citing three people familiar with the situation, the newswire said the company has…
UAE-based Etisalat is looking to raise about US$500m from the listing of its Etisalat Misr subsidiary on the Egyptian stock exchange, according to a Bloomberg report.
Citing three people familiar with the situation, the newswire said the company has asked several banks to send their proposals to manage the offering.
EFG-Hermes has already been appointed to work on the sale, according to a separate report. Etisalat did not respond to a request for comments.
If successful, the IPO is expected to be one of the largest on the Egyptian bourse in several years. It may also open the door to a few more listings in other sectors, according to analysts.
An IPO of Etisalat Misr has been in the pipeline for some time.
Earlier this year, the country’s financial regulator introduced new rules to encourage trading on the bourse, which has not seen a major IPO since 2010 against the backdrop of political instability.
Shortly after, it was reported that Etisalat was studying options to list shares in the Egyptian company either locally or abroad.
Etisalat competes against Vodafone and Orange’s Mobinil in Egypt. Landline monopoly Telecom Egypt, which has a 45% stake in Vodafone, recently received a licence to provide mobile services too.
