KSA, UAE investors dominate orders for MM Group IPO

The head of the brokerage department at Beltone Financial Holding, which is managing MM Group’s initial public offering (IPO), said that Saudi and Emirati investors accounted for 42% of the requests for the IPO.

Moustafa Abdelaziz added that Egyptian investors dominated 31% of total requests while the remaining shares were distributed as follows: 12% from the US, 7% England, 7% South Aftica, 2% Tunisia, and 1% Lebanon and Switzerland each.

Total requests totalled EGP 5.5 billion, with 900% oversubscription, with a total of 100 subscribers.

MM Group for Industry and International Trade had previously said that it will receive orders for its IPO in the Egyptian Exchange (EGX) at a minimum share price of EGP 6.06, beginning the session of 2 April.

The company indicated that it will issue 100.9 million shares in its IPO, representing 85% of the sold stocks and 25.5% of the company’s issued capital.