Etisalat Misr opens discussions with banks to handle IPO process

Etisalat Misr (Egypt) is in talks with banks about what may become the country’s largest initial public offering in almost five years, according to people with knowledge of the matter.

Etisalat Misr, 66 per cent owned by Etisalat, has asked banks for proposals to manage the share sale. The IPO is planned for Cairo and may raise about US$500 million.

Egyptian companies are reviving share sales as they seek to benefit from a 30 percent gain in the country’s benchmark EGX30 Index this year.

Etisalat Misr had revenue of AED1.2 billion (US$327 million) in Q214, an increase of five per cent over the same period last year. EBITDA for the period stood at AED500 million.