Arab Finance: Korra Energi plans to offer 247.50 million shares, representing 11% of its total capital shares, on the Egyptian Exchange (EGX) at an offering price of EGP 2.97 per share, according to the company’s initial public offering (IPO) prospectus.
The offering price was set after a deduction from the fair value of EGP 3.20 per share determined by the independent financial advisor, Baker Tilly Egypt.
Korra Energi appointed Prime Capital as the IPO bookrunner and El Sherif Law Firm & Consultants as the legal counsel.
The offering will open for subscription in two tranches: 60% of the offered shares will be allocated to institutional investors in a private placement, and the remaining 40% to retail investors in a public offering.
Ayman Korra, the company's President & CEO, previously emphasized that the IPO is expected to ensure sustainability and future growth in line with Korra Energi’s objectives to become a global player.
Having been operating for 25 years, the group opened two branches in international markets, specifically in Iraq and Saudi Arabia, with plans to invest in three African countries soon. Its projects comprise 65% in the energy sector, 8% in agriculture, and the remainder in construction.
