Etisalat Misr, is in talks with investment banks about what may be Egypt’s largest initial public offering in almost five years, The National Business has reported. Etisalat Misr, 66 % owned by the Abu Dhabi company known as Etisalat, has asked banks to make proposals to manage the share sale. The IPO is planned for Cairo and may raise about $500m. At $500m, the sale would be Egypt’s biggest since Citadel Capital SAE raised $605m in 2009, according to data compiled by Bloomberg. Egyptian companies are reviving share sales as they seek to benefit from a 30 % gain in the country’s benchmark EGX30 Index this year. Etisalat Misr reported revenue of Dh1.2bn in the second quarter, an increase of 5% over the same period last year, according to parent company Etisalat’s financial statements. Earnings before interest, tax, depreciation and amortization was Dh500m.
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