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.