Subscription requests cover Sabaa offered shares 26.8 times in EGX
Mohammed Omran, chairman of the Egyptian Stock Market - YOUM7/Dina Romeiah

CAIRO: The Egyptian Stock Exchange (EGX) announced Thursday that the subscription requests on Sabaa International Company for Pharmaceutical and Chemical Industry of the offered quantum increased about 26.8 times over, it stated, pointing out that the offered shares amounted to 2.5 million while subscription requests increased to 67.1 million , according to EGX’s press release.

Sabaa International Company for Pharmaceutical and Chemical Industry offered quantum came within the Initial Public Offering IPOs  at the Egyptian Stock Exchange, according its press release.

Over the growing requests for Sabaa shares subscription, investors allocated 3.7 percent of their bid as a step to cover all requests, the press release announced.

EGX Chairman Mohammed Omran announced Sunday May 18 during the inauguration of  trading session  on the Arabian Cement Company’s IPO , the recent success of IPOs at EGX reflects the fertile climate for investing along with the market needs and the exerted efforts by regulatory bodies to motivate the market.

The current week witnessed an IPO for the Arabian Cement Company on May 18. The subscription requests covered the offered shares more than 18.5 times.

The Arabian Cement Share soared by 15 percent to 10.39 EGP compared to 9 EGP as a subscription fee.

Former head of EGX Maged Shawqi previously told The Cairo Post that the upcoming period will witness a “quantum leap” of IPOs linking with achieving the economic reform and finishing the roadmap.

“These IPOs will flourish EGX in the upcoming period, especially after the tangible success for the Arabian Cement offer,” Shawqi added.

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