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March 3, 2016

Domty outlines float price guidance

Arabian Food Industries Co., also known as Domty, has announced the guidance price range for its proposed share float on the Cairo stock exchange.

Arabian Food Industries Co., also known as Domty, has announced the guidance price range for its proposed share float on the Cairo stock exchange.

Domty said the range was between EGP8.8-9.2 (US$1.12-$1.17) per share.

In a stock exchange filing, the Egyptian cheese maker said it planned to float 122.5m shares or 49% of the shares after the IPO. The bulk of the shares – 110.25m – would be sold in a private offering and the remaining 12.25m sold publicly.

Domty said the final price of the issue could be higher or lower than its guidance.

The offers will run from 6-17 March. According to local publications including Daily News Egypt citing sources, the IPO is expected to reach EGP1.1-2.1bn.

Domty had first expressed interest in listing in June last year. MD Omar El Damaty told Reuters at the time the firm had been encouraged by Egyptian food maker Edita’s listing of 30% of its shares in April, though did not say what size Domty’s IPO would be.

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