Shares in the Arabian Food Industries Company’s (Domty) initial public offering (IPO) were oversubscribed by 10.718 times at the closing of the IPO on Thursday.
Thursday marked the final day of the IPO, which was held on the Egyptian Exchange for approximately 12.250m shares. A total of 2,430 subscribers were registered for approximately 131.306m shares.
Sources confirmed that the allocation ratio in registered shares will be revealed on Sunday after Misr for Central Clearing, Depository and Registry (MCDR) examines the number of subscriptions for which the cash value was paid.
The offering closed on Tuesday with an oversubscription rate of 5.5 times. The final value of shares was recorded at EGP 9.20.
The company aims to offer a maximum of 122.5m shares, equivalent to 49% of the company’s registered capital. This will take place through two offerings. The first is a private placement for financial institutions and individuals with solvency, as well as entities with expertise in the field of securities. The second is a public offering.
The offering process includes 110.25m shares allocated for the private offering, compared to 12.25m shares for the public offering in the EGX’s secondary market.