Egypt's Cleopatra Hospitals Company reported on Thursday that its shares publicly offered to institutions were oversubscribed 6.73 times as it received bids for 228.8 million shares compared with 34 million on offer at EGP 9 a share, said the company in a statement.

The country's largest private hospital group is yet to offer another six million shares to domestic retail investors to reach a combined total of 40 million shares representing 25 percent of Cleopatra's outstanding share capital.

"It is also an endorsement of our plan to use the proceeds from the closed subscription to drive new growth through the development of extensions of El-Shorouk Hospital and Cleopatra Hospital and the potential acquisition of a site in New Cairo to develop into a new hospital,” Ahmed Ezzeldin, the company's chairman and CEO, said in the statement.

Subscriptions for the Egyptian Retail Offer will close on Monday 30 May 2016.

Cleopatra is 99 percent owned by Care Healthcare Limited, which is beneficially owned by UAE-based private equity firm Abraaj’s North Africa Hospital Holdings, the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwickungsgesellschaft mbH (DEG), and the Société de Promotion et de Participation pour la Coopération Economique SA (Proparco).

The group, which holds majority stakes in four multi-specialty hospitals in the Greater Cairo area, reported operating revenues of EGP 741 million in 2015, while gross profit stood at EGP 234 million, EBITDA at EGP 183 million and net profit for the year at EGP 52 million on an unaudited, pro-forma basis.