Arab Finance: Trading on Korra Energi's shares on the Egyptian Exchange (EGX) commenced on Thursday, June 11th, at an opening price of EGP 2.97 per share, the same as the public and private offering price.
The offering includes floating 247.50 million shares, representing 11% of the company's total capital shares.
The EGX Committee highlighted that on the first day of listing, the stock would be subject to price limits ±40%, which is double the price limits in its market segment.
Temporary trading halts will not be applied until a new closing price is established. Beginning with the following trading session, normal market price limits will take effect.
Regarding the post-public-offering price stabilization mechanism, the Special Deals Market (OPR) will be opened from June 11th until July 12th. In the 30-day period, the offering manager shall place a purchase order at the public offering price.
On June 4th, Prime Capital, the IPO bookrunner, noted that the private offering of Korra Energi was covered 3.02 times. The private placement comprised 148.5 million shares, representing 60% of the total offering and 6.6% of the company's total capital.
