Cairo – Mubasher: The state-run initial public offerings (IPOs) programme will attract further inflows into Egypt and boost market turnover, EFG Hermes said in a recent report.
The report added that the government IPO programme will raise market capital, according to Bloomberg.
The programme will increase free-float stake due to offering additional equities of the already-listed firms on the Egyptian Exchange (EGX), the report highlighted.
On 18 March, the finance ministry announced that 23 state-owned firms would be floated on the EGX to raise up to EGP 80 billion as part of the first phase of the government IPO programme.
Finance minister Amr El-Garhy had previously denied that the Egyptian government was seeking to collect around $10 billion of the IPO programme in three years.
