MTI IPO to be launched on April 2

MM Group for Industry and International Trade (MTI) has announced that the initial public offering (IPO) will be launched on April 2 trading session, at a maximum price of EGP 6.06.

In a press release issued on Wednesday, MTI said a total of 118.8 million shares, 30% of the company’s shares, will be floated on the Egyptian Exchange on two segments. The IPO constitutes 15% of the offering, around 4.5% of the company’s shares (17.8 million shares).

The final price will be defined after closing the private offering on April 4, which is three days before closing the IPO, which will be closed on April 6, added the release.

As for the private offering, it constitutes 85% of the floated shares, around 100.9 million shares, which is 25.5% of MTI’s issued capital.

The press release added that the IPO is planned to be covered at least four times.