IPO Watch: Misr Italia, MM Group

IPO Watch: Misr Italia, MM Group | Enterprise

IPO Watch: Real estate developer Misr Italia Group is looking to list 20-25% of its shares in an IPO sometime in May, co-CEO Mohamed El Assal told Bloomberg on Saturday. The company is hoping to raise EGP 1.5 bn from the sale and will use the proceeds to complete some ongoing projects as well as new ones, with an eye towards co-development projects, he added. Beltone Financial has been tapped to manage the IPO and a roadshow in the GCC has is slated for later this month.

This comes as brokers start taking orders today for the retail component of MM Group’s IPO. MM Group is listing 30% of its shares on the EGX, with 25.5% of the company being offered to institutional investors at a maximum price of EGP 6.06. The final pricing of the offering will be announced on Tuesday, 4 April and the subscription period will close on Thursday, 6 April. As we’ve noted previously, Beltone Financial is managing the offering, Zaki Hashem & Partners are local counsel, and BDO is acting as the independent legal advisor.