Egypt's MM Group IPO covered more than 19 times

The initial public offering for MM Group has been covered around 19.27 times, Osama Rashad, head of investor relations at Beltone which is managing the transaction told Reuters on Thursday.

A private placement, completed on Monday was more than nine times over subscribed. The group’s shares are expected to start trading next Tuesday.

MM Group for Industry & International Trade distributes several international brands in Egypt including Vodafone, Samsung Electronics, Jaguar, Land Rover and Ferrari.

The company set a share price of 5.96 pounds ($0.33) in this week’s private and public share offerings, and has raised 708 million pounds from selling 30 percent of its shares.