Dice Sport and Casual Wear announced that its institutional offering for its shares was 3.1x oversubscribed, generating EGP 2 bn, according to a press release.
Ordinary shares on the EGX have been priced at EGP 22.60 following the successful conclusion of the book-building process.
At the offer price, the company’s market cap came in EGP 1.2 bn.
According to the presser, the offering will include 33.046 mn ordinary shares, including 28.089 mn shares for the institutional offering and 4.956 mn for the Egyptian retail offering.
Subscription to the domestic offering will close on 7 November.
The Offering will include (i) an Institutional Offering to institutional investors, (ii) an Egyptian Retail Offering to retail investors in Egypt.
Trading on the EGX is subject to the EGX’s permission once allocations meet the requirements published in the Public Subscription Notice for the Egyptian Retail Offering.
These requirements include a minimum of 300 shareholders and a free float of at least 5%.
Commenting on the offering, DICE’s Chief Executive Officer Nagy Toma said: “In light of the recent macroeconomic developments, Dice has succeeded in leveraging its position as a key beneficiary of the devaluation of the Egyptian pound and government support for local manufacturers to increase their global competitiveness. We continue to expand further through a combination of organic and inorganic growth across the value chain. We are very confident in our ability to continue this growth trajectory and we look forward to cement our position in the apparel and ready-made garment export and local market.”
DICE is one of integrated export oriented apparel and ready-made garments manufacturer, serving global brands, with 73.2% of 1H-17 revenues denominated in USD.
DICE also owns an apparel retail brand in Egypt, contributing 10.5% to DICE’s overall 1H-17 revenues.
Founded in 1989, DICE Sport and Casual wears has 9 majority-owned subsidiaries
EFG Hermes is sole global coordinator and book-runner for the offering and Matouk Bassiouny is local counsel.