Last Update 18:2
Sunday, 21 July 2019

Amer Group IPO oversubscribed 5.8 times

Individual investors show their interest in Egyptian real estate firm, Amer Group's, as the initial public offering (IPO) was oversubscribed 5.8 times

Reuters, Friday 26 Nov 2010
Amer group
one of Amer group projects
Share/Bookmark
Views: 2384
Share/Bookmark
Views: 2384

Egyptian real estate firm Amer Group's initial public offering (IPO) was oversubscribed 5.8 times, according to the group's underwriter, showing good demand from retail investors interested in attractive stock offerings.

Accordingly, each subscriber is to get one sixth the amount of shares he requested.

The firm, which sells holiday homes on Egypt's coasts and elsewhere, received bids for 478.9 million shares compared with 82.1 million on offer, Beltone Financial's head of investor relations, Osama Rashad told Reuters on Thursday.

Amer offered shares at 2.8 Egyptian pounds.

The Institutions’ demand for Amer Group shares was three times the amount offered, as they were covered by 3.5 per cent in the Group’s private placement

 The stock will be traded on the market as of Monday, 29 November. This IPO is the second on Egypt's main market since 2008, when Egyptian dairy and juice maker Juhayna Food Industries sold shares in an IPO in June.

Amer Group was established in December 2007. It owns hotels, restaurants, malls, and administrative and residential units.
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.