The letter revealed that the promotion process and the subscription covering will be led by CI Capital, EFG Hermes, and Al-Ahly Pharos.

EFG Hermes announced on Thursday that it has managed to extend the consultancy services for the deal, describing the deal as one of the biggest deals made by an Egyptian state-owned company.

According to the company's profile on the Egyptian Exchange website, the company was initially listed in 1994. The company has a market cap of EGP 23 billion (about $1.4 billion) according to recent data.

By listing Abu Qir Fertilisers’ shares in the EGX, the company will be the second state-run company to be listed by the state in the EGX during 2021 under the government initial public offering (IPO) programme.

According to EGX data, Abu Qir Fertilisers’ net profit in the first quarter of the current FY2021/2022 significantly jumped to EGP 1.2 billion, up from EGP 686.5 million during the corresponding quarter of FY2020/2021.

e-finance for Digital and Financial Investments, Egypt’s first state-owned fintech platform and one of its leading developers for digital payment infrastructures, listed 14.5 percent of its shares in the EGX successfully, becoming the first state-owned company to be listed under the government’s IPO programme after a long pause caused by the COVID-19 pandemic.

On Monday, Deputy Minister of Finance for Financial Policies Ahmed Kouchouk unveiled said four state-run companies will be offered on EGX under the government’s IPO programme before the end of 2021.

In October, Minister of Finance Mohamed Maait said that the government is considering listing between five and six state-owned companies on EGX during the current FY2021/2022, which ends in June.

Maait also noted that the e-finance IPO saw a large turnout, with international participation from the US, the UK, and other European countries.

In March 2019, Egypt first offered 4.5 percent of the state-owned Eastern Company as on the EGX for a total value of EGP 1.7 billion pounds ($99 million).