El-Mahalla, who won the Premier League once in 1973, became the first club in North Africa and the Middle East to list on a stock exchange when it made its initial public offering (IPO) earlier this month.
The club's football company offered 61.5% of its shares up for sale as it seeks to raise EGP 135 million (around $7.1 million).
Reports said that Ahly, Egypt's most powerful and most popular club with tens of millions of ardent supporters, could follow suit, especially that it also has a football company of its own.
However, Amr Shaheen, the chief executive of Ahly's football company, played down those prospects.
"Certainly, if Ahly's shares were to be listed on the stock exchange, it would be very popular," Shaheen said in a radio interview.
"However, the idea is not really on the table. Even if we are studying it, time is not suitable for it as we have more important priorities.
"If this is to happen, we will deal with it very carefully because (Ahly) is owned by the public and belongs to a big segment of fans in and outside Egypt. We will choose the appropriate time if we decide to go ahead," he added.
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