Cairo: Egyptian food maker Edita’s public tranche of secondary share issue on the Egyptian Exchange (EGX) was 4.5 times oversubscribed, the company announced in a statement posted on the EGX website Tuesday.
The company offered 16.3 million shares in the IPO, while demand reached 73.9 million shares.
Last week, Edita launched a private institutional offering of shares on the EGX and global depository receipts (GDRs) on the London Stock Exchange.
Under the “ORAS” symbol, the EGX commenced trading on Orascom Construction LTD shares March 11, as the first foreign dual listed company on the Egyptian market in 20 years.
Listing ORAS “reflects the Egyptian market ability to lure global and dual listed companies, and to capitalize on the market competitive advantages,” said the EGX chairman Dr. Mohamed Omran.
A number of experts have said that listing big-size businesses like ORAS and Edita would ease traders’ complaints that the benchmark index does not reflect a real image for the market with the heavy CIB seizing more than 30 percent of the gauge.