Fawry plans for IPO at a $330mn valuation
According to sources close to the matter, Fawry, the leading Egyptian electronic payments company is set to go public within the next few weeks.
In March, Co-founder Managing Director Mohamed Okasha said the IPO is likely to be next year. However, he said that “we have started preparing for this move.”
As per a local Egyptian news source, the company will reportedly list 45 percent of its shares on Egyptian Exchange before Eid Al Adha, which is in four weeks. The aim is to raise USD 120 to 150 million, by which Fawry will have the largest Egyptian IPO since 2015 when Emaar Misr went public raising EGP 2.28 billion.
As per these numbers, Fawry is looking at a valuation between USD 265 to 330 million.
According to the report cited by Enterprise, ten major shareholders are planning partial and full exits with the IPO.Startup News
Fawry was founded in 2008 by Ashraf Sabry & Mohamed Okasha. It currently offers over 250 electronic payment services through its network of over 100,000 service points across 300 cities in the country, including ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks.
Its online payment gateway allows online businesses to collect payments from their customers using different methods including cash, credit cards, and mobile wallet.