MM Group to list shares in March -Beltone

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IPO Watch- MM Group for Industry and International Trade will list 25% of its shares on the EGX in March, Beltone Financial investment banking’s Mohamed El Akhdar told Al Mal. El Akhdar says EFSA has approved a fair value assessment for the company of EGP 6.75 per share, giving MM Group a total value of EGP 2.7 bn. He added that 80% of the listing will be marketed to institutions, with the balance comprising a retail offering. MM Group had said last June it was looking to raise EGP 400 mn from floating 25% of subsidiary MTI on the EGX. In December, however, sources told Al Mal MM Group will float 30%-40% of its shares on the EGX in 1Q2017. Beltone Financial is managing the transaction.