Etisalat Misr, one of Egypt’s largest mobile telecom companies, is in talks with investment banks in order to execute the country’s biggest initial public offering in almost five years.
According to sources, various unnamed banks have been asked to make proposals which will assist with managing the share sale of the firm, which is 66 per cent owned by Abu Dhabi telecoms giant Etisalat.
The potential IPO will be on the back of a successful Q2, having reported revenue of $330 million, a
5 per cent increase on last year. As such the offer is valued at $500 million, and would be the largest since Citadel Capital SAE raised $605m in 2009.
For Etisalat, the majority shareholder, operations in Egypt are part of their multinational growth strategy which extends to 19 countries across the Middle East, Africa and Asia.