e-Finance Stock Market Debut Reaches 61% during IPO 

The share of e-Finance concluded its first session on the Egyptian Stock Exchange (EGX) with an increase of 50.2% to close at EGP 21.

During the session, the stock recorded a turnover that exceeded 100 million shares, with a market cap of EGP 2.016 billion, through 15,300 executed operations.

E-Finance stock market debut reached 61% of the total trading, which accounted to 3.2 billion.

The stock market witnessed the start of trading on the shares of e-finance for financial and digital investments, without being bound by the price limits or the temporary suspension mechanisms in force during that session only.

“The opening price (the reference price) is the offering price of EGP 13.98 per share, provided that trading takes place as of the next trading session in accordance with the mechanisms in force in the market in which the security is listed,” EGX said in a statement.

It added that the stock will be included in List A, which is allowed to engage in specialized activities on the listed securities, as of October 24.

The statement indicated that in light of what was included in the company’s public offering regarding the mechanism for stabilizing the share price in the market, the Operations System (OPR) will be opened for a period of 30 days starting from the first trading session on October 20 until November 18, during which the offering manager commits to register an open purchase order at the IPO price (EGP 13.98/share).