EFG-Hermes set to launch Egypt’s first IPO since 2011
Karim Awad, co-chief executive of EFG-Hermes has said the biggest publicly traded Arab investment bank has a ‘robust’ pipeline for initial public offerings (IPO) in Egypt as the stock market rallies, Bloomberg has reported. “We have a number of IPOs that we are currently pitching and others that we have been mandated,” Awad said. The IPO of Cairo-based Arabian Cement is set to close in the second quarter, according to Ahmed El Guindy, head of investment banking at EFG-Hermes, which was hired as joint lead manager for the offering in 2013. The IPO would be the first in Egypt since the 2011 uprising that ended Hosni Mubarak’s three-decade autocratic rule.